coke should be helped by this whole pantry loading phenomenon, where people have gone out to groceries and stocked up their on their favorite. it could get hurt by the strong dollar of course this idea that social soda, as i like to call it, has been hurt. restaurants are closed, people drinking out at korns erts and other things that have been closed we have an exclusive with the ceo at 9:30. >> we look forward to that immensely, when the numbers come out. thanks for watching, and a very big important warm welcome for melissa lee who picks up fast money. >> great to be back, welcome to fast money, i haven't said that in a very long time. i'm melissa lee, your traders for the next hour are guy adami and dan nathan mark cuban is with us, why he is calling for a major overhaul of the small business relief program to bring the economy back to its feet disney hit with a double

dose of downgrades today, we'll find out if any of our traders are touching our stock shares are lower right now as the company's conference call is underway we'll break down any of the big headlines that come out. we begin with an historic collapse in energy prices. oil falling below zero dollars a barrel for the first time ever the main contract tumbling more than 300% to around minus $36 a barrel yes, minus $36 a barrel. the more actively traded june oil contract also falling hard in today's session look at what happened to some of the energy stocks. the etf held up. are there stocks that are presenting some big opportunities in this crude collapse guy adami, could we be seeing some sort of a sign of a floor for some of these equities >> wait a second, we don't just go right into the show

i think the last time you were request us was probably december 5th or 6th, is that right? >> yes >> here we are december 3rd, we're back april 20th, you're not going to say anything. i don't want to speak on behalf of everybody but on behalf of everybody, welcome back brian did a great job, courtney filled in a bunch of times, this is your show, and it's wonderful to have you back what was the question? >> could the good price compare to the bad price action we saw in the actual contracts, tell us there could be a floor in the equities coming? >> yeah, personally i don't think so you've had huge moves, i mean, exxon mobil went from 30 to 46, chevron went from 50 to 84, you've had some pretty outstanding move in those names, now there's a time where we start to give it back. we don't want to get into the minutia of the may contract. you look at the june contract,

that was down 14%. if you don't think this could happen again, it could absolutely happen again, in terms of -- if the situation doesn't clear itself up, and it doesn't seen to want to abate. although the commodities in a death spiral, the fact that the stocks were unchanged today, doesn't tell the real story. there's more pain ahead in the equities market. >> thank you first of all for welcoming me back. it's great to be back. i appreciate that. tim seymour, i want to go to you. i wonder if you might be nibbling if you might be nibbling on some of these equities. >> that's me clapping you in >> thank you, tim. >> nibbling is the right way to do it, i don't think this is time to be making a wholesale allocations to the energy sector the xle which is essentially the energy select etf which is chevron and exxon is up about 20%. over the s&p 500 since the low

in the market. the energy has outperformed i know off a low base. i've talked about schlumberger, that makes them more investable. this is not an environment to get excited. i think what's going on in the energy market where oil traders are being paid to find any place they can store -- oil are hitting their tank tops and that's not a reference to what guy wears to the gym it's a case where literally we're out of storage and i think that's a case where the industry itself is a self-correcting mechanism. there's always a supply response if you're an oil trader and it's good for you, why isn't it good for investors that are going to be there tomorrow. this isn't buy with all hands, this is yes, there are companies like schlumberger and chevron that are going to be here tomorrow and then some when oil prices are going to be higher. >> you can't unsee guy in a tank top. this is a family show.

indulge me if you will the production cuts that were agreed to by opec plus go into effect in may. could we be seeing some relief for wti coming >> i also have to say i am so thrilled you're here, you can't even have any idea how happy i am to hear your voice. i don't see you, but i imagine you look great welcome back the question, is there anything to be optimistic about in energy in may >> yeah, the production cuts that opec agreed to come into effect in may. >> so opec agreed to it, and russia agreed to it, you know, you got to forgive me, i'm not fully on board with believing that's going to happen even those production cuts were phased in and decreasing over time guy has made this point many times. he can make it better than i but they want to see us in pain,

opec and russia. why would they step off our necks when they're seemingly about to break i'm not looking for anything in the oil space. i also think that some of the energy space that's been a beneficiary like the tankers, those are up so much there's risk that if there is some kind of real production cut and demand improvement, that those will collapse. i think there's risk either way, i haven't been active in this space. >> dan >> mel, crossroads, they seem to come and go, but you're back and we're very happy about that, i want to leave it back there. >> tim mentioned a dividend cut in the equities, the way i see it, you have exxon and chevron that make up almost half of the energy etf you're seeing those dividends get fat as those stocks go down.

chevron is down 38% in those two respectively, and maybe it really is the bottom comes, the capitulation comes in some of the majors when you really start getting chatter about a dividend cut in those names, maybe that's the opportunity to buy them. i would also say, one thing to go in for the dividend the other way to play it on the short term basis would be that xle, it doesn't seem there yet >> you're shaking your head, tim? >> well, there's no way they're cutting the dividend at exxon, there's no way they're cutting it at chevron, this is something they're hanging their hats on. the reason i like chevron is not because i'm fired up about fundamentals, this is a management team that's been returning, according to free cashflow over the last three years, they didn't just wake up today and understand the dynamics in their industries there's no reason to buy a stock in my view, i think we've all said that at different times and places it's not why i would own them,

there's no way they're cutting that differ dends. we're talking about today and anything can happen in the oil space. given the trajectory we have right now, that's not a good one, they're not cutting that dividend >> it sounds like there's no scenario, there's no economic environment, no price per barrel that would cause them to cut their dividend yield we're staring at a huge collapse in oil we're staring at a global economic slowdown, and even this environment won't cause them it sounds like the dividend is teflon >> i'd like to hopefully be balanced and take deep breaths on this show, when it's easy to make big sweeping hyperbolic statements companies like chevron and exxon have healthy enough balance sheets that they're not going toe cut those dividends and they're somewhat existential to those companies. i can't tell you what's going to happen tomorrow, but in terms of equity investors right now, what

happened today, we didn't spend enough time on it, i'm not sure we want to what happened in the oil futures market isn't about fundamentals, it's about storage, it's about futures contracts, if oil in november is priced at $32 on the contract on the close today, and it's $21 in june i think i want to hold out until november, i want to hold out in the right balance sheet, i'm telling you that i've been investing in commodities and energy markets for 20 years, we see these overshoots before, and we know there's demand destruction. and we don't know where the economy is going the 16 to 18 billion that are pulled out of demand in the second quarter is not what we're going to have in the third quarter and fourth quarter in my view own balance sheets you can stay in, and it's a great time to invest >> we have this great brady bunch screen going here. who would buy large cap integrated oil companies today to hold until the end of the

year raise your hand? >> am i alone right now? >> that would be only tim. >> am i bobby looking up at greg, peter in. >> maybe alice all right. so only tim. >> maybe if you're looking forward to a dividend you're thinking, wow! those fat juicy dividends, they're fairly safe, do you agree? >> i understand what tim is saying, exxon, chevron, one of the last things they'd do if they had to is cut their dividend i understand that, i think something that karen said, and, you know, again, i'm pretty steadfast in this. i think we're getting played, and i think we're getting played for quite some time, i don't think crude oil or anything quite frankly is something you want to negotiate with vis-a-vis twitter or in an open forum. $40 ago, we wanted lower prices and we got them, and now all of

a sudden we want higher prices and we're not getting them you have to wonder what's on the other side of these negotiations in public. i'll say this again, i absolutely think the saudis and the russians are stepping on our necks and they want to see our oil industry fail. i think that's what the end goal is, i'm steadfast in my belief that they will lose the battle to win the war and right now, they might be losing the battle, it sure looks like they're winning this war. let's see how it plays itself out. >> the s&p 500 dropping more than 4 1/2%. our next guest says the v-shaped recovery may not be in the cards just yet let's bring in tony dwar >> welcome back. >> so you think things could get worse. what makes you think that? >> i think we haveto make sure that we know what we're talking about with the v-shape recovery.

there's already been an v-ship recovery guess what the number one performance is coming off the low of march 23rd. >> to believe that because the price of oil has collapsed the stocks are at the same level they were march 23rd it's had a pretty good bounce off the low. just like health care, real estate, utilities, the thing that's interesting about the market and the way it's rallied. people aren't used to not being permeable. but the sectors that are rallying and leading off the market are not the sectors that led the rally off the march '03 or the march '09 low we're still in the view -- especially given how extreme we're looking for a relief rally. but not a 30% relief rally we're thinking it's tactical the fundamental side that's interesting, if you look at the yield curve -- and how many times have we done the yield

curve when we're on set. the treasury yield curve, everyone talks about it when it inverts, it's predictive of a recession. it's also predictive of the end of the recession over the last three cycles, the yield curve has resteepened to over 100 basis points. it's currently at 43 it's steepens to 100 basis points and in the last two, it gets up closer to 200 basis points before you emerge from recession. the yield curve is telling you by being so low, any recovery you get is going to be very tame so far, that's what the market is saying. >> what does the equity picture look like against that backdrop? >> so i wrote a note, and i was going to call it the square route recovery until i realized it's a backw d backwards square route i'm lo looking at now you're in this epic battle

between the fed and monetary stimulus on april 9th, when they came in to announce they were going to buy 450i yield debt, that protect the the whole 2008 credit crisis. the economic reality is on the other side of that, what i think, mel, is we're going to get a pull back here and our call had been to get more offense while you were away, we downgraded our market view in january. and once the panic started, it looked like it was going to end, to get a relief rally and followed by a test of the low. i don't think it's going to go back to the low. i want to become more offensive as we go down, and positive divergences develop. >> karen, you got a question >> i do. i agree with you, tony, on your general thought that the v-shape rally was probably too far too fast how far back do you think we retrace before you would say, let's get aggressive again

>> it's not the level that's really going to drive that decision, but what groups are out performing on the way down the relative performance in the sector like today's a great example, the financials and small caps outperformed you want to see the economic sector start to price in stability. also i think you can get down toward 2500. we're going to be in this range, the problem i have is, when i look at how bank lending is acting, how the yield curve is acting, how the chicago fed national financial condition stress indexes are acting, that predicts going to a total zero disaster the metrics we've talked about so many times on the show, don't point to, wow! we're going to have this turn in the economy once we go back to work, thinking we're going to go

back to work i think down toward 2500, but more of a broad range. >> tony, thank great to speak with you. >> thank you >> tony dwyer. guy adami, reverse square route, i know that's going to take a lot of thinking on your part you agree with that? >> i don't even know what it -- five of all, i changed my backdrop in honor of you coming back to the show >> it looks very modern, very westin lobby. >> yes, number one well, i mean -- there you go number two, let me say this, and i think karen might agree with this, you can make an argument that the market's down, whatever it's down 15% from an all time high, stocks might be a tad more expensive than they were at an all time high, unless you factor in the fact that we're in a zero rate environment in perpetuity and you have to change the multiple it seems like we're three months into this thing and stocks may

be more expensive. i tend to favor the tony camp, i don't know if we're going to test that, but i think the trajectory now is probably somewhat lower from here, i would agree with t.d. coming up, we're watching shares of ibm. they're on the move, down almost 3% right now the company's cal is underway, commenting about the company's dividend we'll bring you all the headlines. later, the small business aid program needs a major overhaul to get the u.s. company back up and running agn.ai what he's calling for. you should be mad at forced camaraderie. and you should be mad at tech that makes things worse. but you're not mad, because you have e*trade, who's tech makes life easier by automatically adding technical patterns on charts and helping you understand what they mean. don't get mad. get e*trade's simplified technical analysis.

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♪ ♪ we have an earnings alert on

ibm with deirdre bosa. >> i have to echo your traders and guests, it's wonderful to have you back and see you on screen no change to the dividends what was a little different this quarter, arvin krishna he was at the top of the call kicking it off his predecessor didn't usually dial into the call his heart goes out to those affected and he will be participating in these analyst calls. he's focusing on ensuring that ibm's customers emerge from the pandemic stronger and more resilient. he's absolutely committed to growth for ibm as it emerges from the pandemic itself consistent growth is something she struggled to do during her tenu tenure jim car jim kafanov said ibm saw

increase in this quarter for those that did engage, there was a noticeable change in priority that shifted from the stability -- it shifted to the stability of operation and a preservation of cash they're seeing clients spend only on essential needs. i want to point out cloud and red hat numbers, both of these are key to analysts, which is the future where ibm wants to go both decelerated on a sequential basis. which means they have their work cut out for them cloud is a must win for ibm and so far they're way behind. while the new ceo is extremely bright she's not optimistic he's going to be able to turn ibm around. >> thank you, deirdre. don't miss jim's exclusive interview with the new ibm eco

that's tonight at 6:00 p.m. eastern time i want to bring you headlines from that call saying the company will keep paying dividends they're seeing somewhat of a rebound on the china business. it's all bounced back in the month of march where do youen sad on ibm? >> these guys were faced with a tough set of circumstances this is the stuff they were trying to do for a number of years. it's great that the priority coming out of this is going to be sales growth. i know that talking to a few friends, they're not particularly happy that that red hat business decelerated in this quarter. i wouldn't expect any reacceleration -- basically

ibm's customers, this one had a really nice run off the low 90s, back to 120, i 12k3eexpect you i consolidate in the teams or so, down 5, 10% from here. >> close to the after hours session, we'll keep you posted on the headlines that developed. major bounce for biotech even as one of the sectors takes aim will netflix see a big boost? ♪

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despite its biggest hold in gilead getting hit with two downgrades today. what do you make of the move i thought it was interesting in their bmo. specifically mentioned tamiflu saying in the first year, it was amazing. $3 billion in revenues after that, it averaged $650 million in the years later >> i think one of the analysts for gilead was on last week, not on our show, but talking about how the took has gotten ahead of itself and where it traded up to on the back of those announcements. in general, we've been pretty bullish since you've been gone on biotech and big cap pharma has been a monster, all time highs, biogen has been a monster i think you stay with biotech here, if you've had a decent run

in gilead, you projectly stay with it, although i don't think it's necessarily an earnings story, biotech in general is an area you want to be in >> karen, you in ibb >> i am not. but that would be the way i want to play it, obviously the holy great is out there for these companies, and whichever -- more than one, i suppose many more than one could sort of cash in on it is the wrong word. i don't think we're cashing in on anything. coming up, mark cuban will be with us, he's fired up over publicly trading companies tapping emergency money set aside for small businesses i know that every single

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election back to fast money, shake shack getting a jump today. they now plan to return a $10 million federal loan it received under a small business relief package. shake shack plans to return the money there are other publicly traded companies that have applied for aide under that pay trek protection plan owner of taco cabana, all publicly traded, all getting millions of dollars in aid through this program meant for small businesses let's bring in mark cuban for more on this and much more >> great to have you back. >> is it fair for publicly traded companies to take some of this money from this limited program when there are so many small businesses out there who are waiting in line in. >> for corporate headquarters,

no for individual franchisees, i don't have a problem with it the corporate headquarters have different ways to approach this. they don't need to take money that should be available to really small businesses. >> congress right now as we speak, mark, they're working to expand this program so that more businesses can get help. i know on squawk box last week, you said the banks should write the checks and ask questions later. how do you think this next tranche should be released how should it work >> look, every day matters and that's part of the problem, it should have been out long ago, and so the reality is, as much as everybody wants it to be fair, it's almost impossible for it to be, the banks are going to work with their customers. the only true fairway is a lottery. the banks turn it into the sba or the treasury. at a certain cutoff date we have

a lottery, and it's a random drawing to see who gets money. that's the only true way you can be fair. as much as you want to give it to those that are most in need, how do you judge that across banks and on a timely basis. >> are we setting ourselves up for in the future, having a large portfolio of bad loans on banks books by doing something like that? >> you're not supposed to, all this money is supposed to be guaranteed that's part of the issue right now for the banks. they don't trust the fact that whatever con veeverts to a loan portion, they will be guaranteed the administration has come in, and they decide they need to save money and they put it on the banks to cover up a bad loan. the alternative is even worse than the bad credit. >> you invest in so many small businesses you're involved with a lot of small businesses for our viewers out there, what is the implication here, if this

program doesn't get ironed out and the help doesn't the go out immediately. what does that do in terms of how much deeper this economic downturn could be? >> it's really bad i mean, we've already lost time. the concept was really good for ppp. keep people in their jobs, keep money coming in to small businesses so employees stay connected. we lost a lot of that. now we're going to try it again. we don't know when businesses are going to be open it may well be after the eight week term businesses still aren't open and we have to start all over again there's real challenges. what we need to do, the administration needs to ask questions, they need to find out what they need i don't see this next tranche that's about to be approved being enough >> i don't want to get you tangled up in all of this, shake shack did do what seems to be the right thing, and that is

give the money back, because they were able to tap the public markets. publicly traded companies, they access capital as so many publicly traded companies would be able to do unlike small businesses. for all the publicly traded companies that are taking this money, potentially away from the small businesses that need the money, what would you say to them >> i'd say, you're doing it the wrong way, you're going to kill your brand states give the money back not because they didn't want the money, but they saw the public outcry i'm not saying that big restaurant hospitality or entertainment environment shouldn't have federal funds available to them, they should but in response to that, there shouldn't be grants and if there has to be any level of grant or loans, there has to be some renumeration to the taxpayer

there need to be options, there needs to be preferred stock, whatever it is, someone's got to negotiate a good deal for taxpayers. at that point in time, if you believe the market and the economy will come back, whether it's a year, two years, three years, whatever it is, it turns into a good investment for the taxpayer just as, here's the money, take it, don't call us, we'll call you, that's not going to work. >> you're hilting some of the industries that we'll have to deal with being shut down because of the social distancing rules in effect. and you are part of a business the nba, that thrives, that works based on people gathering to watch a live event. do you foresee a return to normal >> i mean, that's a big question do i see a return to normal? yes. do i see it over the next 12 months for large gatherings, no. we have to get to a point where with he have confidence,

protocols, not just for large venues like ours when we try to open things back up, small businesses don't know what's expected of them. should you be able to walk into a clothing store and try on stores and if you don't like them, you put them back? there's so many things we need to address to start opening things up. whether it's for small gatherings in retail or large gatherings in sporting events. >> guy's got a question for you. >> thanks for being here, ho are you? i know this is hypothetical. if the nba were to come back and say, we're going to restart things in july or something, you felt as the owner of the dallas mavericks that there was still a danger not only to your players and your administration, and your workers but to obviously the fan base, would you push back against the nba would you step in line >> well, we've already kind of agreed across the nba safety first. let's use an example of any city

that one of my companies is in, everyone's trying to push to go to work. i'm going to use my kids test, would i let my kids go if the answer is no, i wouldn't let my employees go. >> we have to ask you about some of your positions in the markets. and i know dan is curious to hear about your two biggest positions. dan? >> mark, thanks for being here you've been steadfast on the network. on this show, it sounds like you never sell it's the one you own for the kids forever the stock's up 30% on the year, up 50% from its marlowes what do you think investors just figured out, and do you think there's a chance that after we reopen the economy, a lot of consumers want to buy local, they want to support their local stores and their neighbors who are working in their stores and that sort of thing do you think the stock finds a new level lower? >> no, i think it goes up, up,

up people who weren't comfortable for dealing with amazon for consumables, for food, i think they've gotten into that habit now, amazon can't even keep up with their deliveries. i don't think that's going to slow down at all the greatest fear factor is going to be going back, not necessarily to the grocery stores i literally am just leaving our local grocery store. but to the small to medium sized business, because they don't know what protocols to put in place. they're looking at doing testing. could you imagine if they provided free testing to all their consumers? there's so many touch points that they have that are positive that, i mean, i think -- it's only going to get -- that stock is only going to go up i'm not going to predict when, how or where but it's going to go up. >> are you finding any values out there? >> i did originally, i'm about

break even, i'm a little bit up on it, i have my netflix, i turninged out to be really lucky there. and beyond that, i'm just waiting. i'm just not as confident add everybody else that this market has found a base we can go a little lorraine i'll be waiting the other side of it is, in the private markets, there's going to be even more bargains while the public markets because of the fed there may be a fed put there that protects everybody. the private markets are going to be a mess. and i'm also trying to keep some cash there for that. >> what sort of product? >> well, some of those things, yeah, but small businesses, medium sized businesses. even large private companies that are looking for alternative funding, real estate, private rates, there are so many different things that i think are going to be cash short. >> you mentioned rates

are you concerned about the real estate market? and what area are you looking at, commercial, retail, storage? >> i'm just looking -- i'm trying to get a feel for what america 2.0 is going to look like we don't go back to business as usual. i think our large companies, if they bring back 70% of their employees, i would be thrilled to death, medium sized the same way, there's so many variables that i just -- i don't want to rush into anything there's a lot of speculation into warehouses, refrigerated warehouses there's so many industry specific things i want to take a look at. i want to get a look at the upside first >> thanks for your time, we appreciate it. >> thanks for always having me on and congratulations and welcome back let's discuss, mark highlighted in the last couple minutes something we're grappling with, what does america 2.0 look like.

where do you look for the bargains, for the business or the industries that will thrive in this new normal that we're going to enter eventually. karen? where do you go? he's throwing out a lot of threads there. >> right, well, i think there was a huge opportunity obviously, a couple weeks ago, that has been -- that has disappeared because of the giant market move. one name that he mentioned is live nation. and you couldn't be in a worse spot right now, you have concerts and ticketing, right? this is a terrible spot to be in i do think about a year or two out. summer is the biggest quarter of the year for them. it's going to be near zero if i think about a year or two out, concert goers will return if you think about the demographic of who their customer is, is that's a younger person who i think will be much quicker to get back to normal, i

think that concerts will be in america 2.0. >> america 2.0 what does guy adami see in america 2.0. >> i'll be 75 at that point. for me, it's going to be about health care. this is something we talked about for a while. i think karen, tim, would agree. i think the banks, people are trying to struggle with, j.p. morgan had a week. i think you want to be in some of these banks, jpmorgan specifically i heard what mark is saying about amazon, if i were trading the stock, i think you absolutely have to take some money off the table into earnings which i believe are on thursday he's probably right in the long term, there's some chance to take some profits in the short

term >> what areas? he mentioned rates and different sorts of rates and so on >> well, it sounds like he's fired up on cloud and automation and achltd i the other side of what he said, it sounds like a lot of people are going to be out of work. businesses are not going to be hiring back where they were. walmart has been so defensive, and they're the biggest shop for consuming in this country. they have the most composure to the consumer, and i think to have rallied to all time multiples is scary to me that is one, i'll take the opposite of what he said, and say negative for walmart >> shares of disney on mr. toad's wild ride today what are the analysts saying, and do our traders agree

the white house is holding a briefing on the coronavirus right now. we're going to monitor that and bring you any headlines as they come on. we're going to talk disney getting two downgrades today they're dropping theirbuy ratings on the stock with the stock tracking for its worst year in 2008 is the pain already priced in? i think that's a question everybody's trying to grapple with if theme parks are about 30% of disney's revenues. what do you assume in terms of the drop in attendance, how long that's going to last in order to get to what the stock is pricing in >> i think nobody knows. but aside from theme parks think

about their other businesses when you look at media companies, i don't know that anyone else is more exposed to live sports than they are. you think about cruise and broadway, their stores i mean, they're in a collection of businesses that are right now, actually not where you want to be in so many ways. but disney is disney, and they deserve a premium multiple, they have one already and they do have debt from their fox acquisition. so i think that it doesn't deserve to be at an even greater multiple given all of the hotspots they're in, or cold spots i guess i should say and this stock has rallied already from $83 which should probably never have been there it's up considerably i'm concerned about this rally having come too far too fast this is a softer question, but it's the ceo question, right he was thrown in at probably the worst time ever, maybe second to

9/11 starting day. and so there's the question of the management transition and how that's going to work out you put all of that together i would say disney's got a buy here i won the say shorted, but it's got a buy. >> do you see value here still especially since they are spending so much money on the streaming service? >> yeah, look, karen's highlighted, you hilted it's 38% of revenues, but you can't tell me this hasn't been priced in at least the next 18 months in terms of total disruption of that revenue stream. this was $153 stock that traded down to $83. this was a stock that did nothing for five years, then started to rerate on disney plus didn't we just get numbers a

week ago that said they had 50 million subs already through four months? why did they not get the benefit of that multiple of net kplichl, which is trading even for itself, in this environment where everybody says streaming is probably worth more this doesn't make sense to me. i think disney has taken a lot of pain in terms of what we know to be their core consumer product's business i don't see this happening on an efficient basis to other stocks. i like disney here >> i haven't asked this question since at least december third. would you rather -- guy adami, would you rather disney or netflix? >> i love this game. >> with a larger market cap. >> netflix. >> why >> quickly >> because netflix -- i mean, netflix, the first move, they probably have a seven year advantage, they don't have the -- i understand what tim's saying to me the drags are significant and to

be bullish, disney here, at 83 it priced a lot, and at 105 not so much. disney here in my opinion, you have to think that somehow the world is back to some semblance of normalcy in the next six months i'm not confident that people are going to be flooding back to mr. toad's wild ride when things clear up netflix to me has been the monster that 418 level was huge. to answer your question, netflix. >> i know the hall of presidents is your favorite ride, guy >> second favorite one trader is making a bet >> that's great to hear your voice. netflix is implying a move that's above the 7% or so that it averaged over the last eight

quarters, i don't know that the last eight quarters are relevant for volatility one of the trades we saw that i thought was interesting was a big purchase of the june 475 calls. that works out to almost a million dollar bet the stock could be above 500 i wonder how you would say neither netflix was already trading as tim was alluding to disney plus is growing fast. i think if you're going to make a bullish bet. >> i like it, breaking the rules. be sure to tune in to the full show coming up, the stocks are kblazing today, today being 4/20

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that's why, when every connection counts... you can count on us. what do you look for when i want free access to research. yep, td ameritrade's got that. free access to every platform. mhm, yeah, that too. i don't want any trade minimums. yeah, i totally agree, they don't have any of those.

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keeping our promise to be on your side. with oil plunging into the negative territory for the first time until history, i check in with robin hood.

welcome back to fast money today is april 20th or 4/20. a major day in the marijuana world. pot stocks blaze higher. names like cresco labs outside of today's pop, it's been a pretty rough year for the pot stocks a number of names a portfolio manager also sits on advisory boards for cannabis companies. tim what's your outlook for the space. especially as they look like they put in some form of a bottom in mid-march. >> big day for the big lebowski, mel. you have a case if you look at some of the symptoms, call them

the bell weathers in can in apy. it's flat to the s&p probably all the way back to november the good news for the sector, 2.0 in cannabis means 2.0 management teams they are now actually shuttling on production. they are forget this global expansion thing. they're focused in the u.s., they reupped their profitable enterprises. they're writing down bad assets and it's a team run by a former fortune 500 cfo. i think not all companies are created in cannabis. the big publicly traded ones these companies are very close if not at adjusted ebitda ability. a lot of pain in the sector. management teams have moved on the top line has improved dramatically in 18 months. it's gone from illegal to now

essential, if you think about it, i think all of those are the reasons why a lot of investors lined up to buy, and now the evaluations that are very different. >> i don't know this reference >> he's the dude >> oh, okay. that skblar phis things. let's do the final trade, while we have you on the phone let's start off with you. >> disney. i have to fight my corner on disney, this is a medium term if not a company you can own right now. >> dan, final trade? >> yeah, this is a complicated case, a lot of ins and outs, a lot of what have yous. i think you share the etf. >> karen finer manning, what do you say? >> i think karen's frozen, one of the great side effects of doing this remotely from home. but guy adami, i know you have a final trade? >> yes, i do

>> you want to share it. >> the big lebowski is about bowling. i tell you, take two interactive. back to you. >> mad money with jim cramer starts right now 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. we will come to "mad money." welcome to cramerica other people want to make friends, i'm trying nike you some money my job is not to entertain, but educate you and put it in context. call me, 1-800-743-cnbc. tweet me at jim cramer no, oil isn't worthless. not every brick an