and then faded away. i think comfortably stuck i keep saying where this s&p 500 is just below the highs and there will be a massive, perceived contrast between that devastating jobs number we get tomorrow and where the market is interesting, the market has been living for seven weeks with historic levels of unemployment claims and aside from super low treasury yields how this will even be reflected in the financial markets. >> we are out of time here thanks for watching. fast money starts right now. i'm melissa lee, guy adami, tim seymour, karen finerman and dan nathan uber making a giant u-turn and what they said on the call that's got the stock moving higher one top technician says a major low is in the market and how he's betting on a breakout and later, the one man who sent a giant shock wave through the entire cryptocurrency market

the big boet on bitcoin that's got everyone talking. >> but first, we begin with a trip back to the future for the markets and this was flagged by our own dan nathan a year ago today it was trading at 2900 and basically back to that exact level and let's fire up the flex capacitor to see what life looked like and wow, the world would change this time last year the s&p 500 would trade 17 times p-e and the ten-year note, and unemployment j was just over 3.5% and flash forward to today, it is trading 20 times, and the yield .6% and unemployment is projected to hit 16% and gdp is negative for the first time in over a decade. the world has been turned upside down and the market doesn't steam to care. so if you're an investor, should you make like a tree and get out

of there i am told that's a funny line from the movie >> you've never seen the movie >> i saw it. the movie was released in the summer of '85. i think i turned 50 that year. it dawned on me as i listened to your intro the economy is george mcfly. the stock market is biff tannen, just making himself going to the top, but think about what happened at the end. so that's why i would caution folks this chasm between the two i don't think can last much longer with that said, you just have to be extraordinarily impressed by the resiliency i thought monday was an extraordinary day and today the late sell-off not withstanding was still very impressive. >> dan nathan. you flagged this chart for a reason so what's your thesis? >> yeah. i mean, listen it's pretty clear to me and i've been pretty consist own the

this first thing's first. the market has not made up any ground over the last month or so and it's been grinding between 28 and 2900 in the s&p 500 obviously, the news has been really bad on the economic front, but i'll just tell you this again, if you're looking at the stock market and the thing that has been most seriously propped up by the fed action over last couple of months and you're looking at the wrong lens as it relates to the health crisis and the economic crisis and all you had to do was listen to warren buffett over the weekend and he's selling everything hens and he's not putting that their 137 million to work that he has for a rainy day. what is he waiting for he's friends with the smartest guy on the planet, bill gates who is telling him there's very likely to be another wave of this virus i think you wait here and stay in to win. >> someone's phone is ringing.

>> no, it's not guy. it's not me. >> it sounded like an old-timy ring karen? >> i'm pretty confused by the action i'm not nearly as optimistic about the v-shaped recovery. guy's been flagging that tensions with china on trade are really a risk and they seem to cool somewhat, and the market rallied, i think, on that, but you had treasurys very strong. that's not consistent with a v-shaped recovery and then you have gold gold up big. a lot of different xhingsing on, i don't want to sell what i own and vix is sort sort ever in

limbo, i'm skeptical that we have this v-shaped discussion, and the fed action is so extraordinary they're throwing trillions, and with a "t qwest qwest, it's hard to know we're throwing that around, it doesn't make me want to be short the market. >> i would never be short anyway i'm long. >> that's something that didn't fit into the nice two-column chart when it comes to a year ago versus today and that's the fed and its extraordinary actions with a blanket guarantee of every debt out there, tim, on top of a lot of stimulus coming out of congress. >> right the fed is the plutonium in the flex capacitor they've taken us to an era where you've had just an extraordinary thrust in the market whether it's to another place in time and whether it's to the place

where the market doesn't belong on fundamentals. you also have equity underweights everywhere. you have equity shorts in many places and so i think this is a lot with where to did with whered market is and the fed basically making it clear that they will do whether they are doing has been enough for the equity market. we all know the economy is not in great shape e specialspecialh the second and third quarter where markets will start to rally and i don't think we have to necessarily charge higher i think you should take it as a victory that the markets have held on to most of those gains that nobody thought they were going to, and i think the markets behaved pretty well despite closing near the lows the last two or three days >> dan >> i'll just say this. i mean, i would say that the equal weight s&p 500 doesn't act well it's down 20% on the year versus the s&p 500 that's down a little

less than 11% on the year and we know why that is and it's the crowding in the magna trade and 20% in the s&p 500 just look at the banks and look at j.p. morgan, how poorly it closed to be and how poorly it trades in general down 25% on the year and the bank stocks and the equal weight s&p 500 are telling you that the economy have bottomed and you might see the unemployment number reach a top some time soon and what's different this time than the past financial crisis is that unemployment topped out two years after the stock market topped out if you're telling me that unemployment in this crisis, is that it topped out of the s&p 500 bottomed out of this crisis. to me, if you really want to focus how the stock market's doing, look at the banks they're telling you that this economy is doing in a deeper and longer recession than equal weight, and it's telling you that the rally is not as broad

as most people think it is. >> our next guest says the opposite of dan and the market bottom is in. >> and we'll get to chris veronas. chris, what are you seeing >> listen, i think -- i think there is supportive data that would suggest the typical ingredients of a major low have shown up in recent weeks and we kind of take this in bullet point form one-on-one. if you look at march, march were two of the most capitulate months and the new low was as bad as anything we've seen in about a hundred years. and you fast forward to april and the quality of the rally in april was remarkable we had really, really long -- a rally in one month and one of the best moves in history and when you get moves of this magnitude over a short period of time the forward returns from this

are into almost in the future tend to be exceptional the tricky part of the call is they'll return over the next one to three months and it brings us to the new point and we're in the digestation phase where they have to consolidate some of those gains and i think that's likely through may and june, and just look at some levels you can see this market consolidate back to that, and let's call it 25.50 to 26.50 range and that will be a 12% drawdown from the highs and there's a lot of support there, and one thing we would see is if you saw the market come in here, and the apocalyptic that was so prevailing throughout march and april, and i would view that as an opportunity one of the things we've been very impressed by over the last number of weeks in particular, if you go to the next slide is the risk-seeking leadership that the markets actually exhibited i recognize things like banks

have been softer, but high beta is outperforming by a very, very wide margin. conversely, a lot of the groups are off the field. look at utilities and continue to underperform and one of the groups over the last week or two. i see some offensive characteristics, even as the market starts to pause here and i think that's pretty important. >> and then lastly, i think underappreciated it's only three weeks ago we were talking about negative front-month crude. crude has stabled an important rally. we've seen brent go from 15 to 33 we've seen the entire crude curve, wti back above $20 and i realize it's a week away and some demand is being introduced into the economy so i know may and june, seasonality is not our friend here and we may need to consolidate, but when we look at the capitulation in march and

the quality of the rally in april and i at least think it's worth enter take the idea that we put a major low >> just to underscore this, chris, we think we see the bottom and we can still see as part of the long consolidation process which can take a few months to the fall and we could see within that, a 12% drawdown. >> yeah. you know, i think what's interesting is in presidential election years you tend to see markets grind in may and june and tend to put a bottom some time in around july and that's a decent playbook here and there's expectation of being very precise in this business and i think that's a little bit of a mistake. i don't want to get too cute about the finer point and the bigger picture here is you don't get many opportunities with 35%, 36, 37% stock and i reject the idea that this has been a quick event. the russell 2000 peaked in june 2018 so there have been segments

of the market that have been in a bear market for a long period of time and one of the untold stories so i think under the sur as it it's broader tan what people think. >> chris when you have the overall major drawdown in stocks. >> chris is realistic that yoeb i don't expect markets that have to hold 2850 to 2900 and the consolidation is not one that rushes to the lows and not the one that he used the word apocalyptic and the sentiment and the position got oversold and there are other things that are happening, too i think the dollar will be your friend and the dollar is 3% off of the almost 18-year highs and maybe that was a double top around 103 1/2 i think the fed is pinning the

long end of the curve and i don't think rates will stay low, and i think credit is we don't totally know the credit picture and the banks have prepared the market and they are prepared for the credit and as best we can understand the dichotomy and i would tend to take chris' view as most people know. >> we have breaking news on ford phil below has the story >> melissa, ford announcing officially what we heard from gm and fiat chrysler over the last couple of days ford will be resuming production at its plants starting on monday, may 18th remember, earlier today the governor of michigan basically gave the all-clear for manufacturers to once again begin production starting next monday the 11th. on the 11th ford will begin waking up the system starting with its parts, deep owe that will reserve monday, may 18th.

this will being a gradual production, and instead of three shifts it will be two shifts and in some plants where there are two shifts it will go to one shift and there will be safety calls for those workers and ford resuming production on monday may 18th melissa? >> phil, thank you phil lebeau. resuming production is important in terms of getting the cash flow going and ford did a debt offering successfully and did this make the picture for ford and the other makers that utsch in better? it's at least some clarity >> it's a little clarity so that is good and we got a lot more claire frit gm, and i would much better be in gm however long it takes and we don't know how long it's going to take and one of the flipsides of an uber which we'll get to is are people not going to do ridesharing or will they want to own their own cars? that would be a positive

i would much rather be in gm than ford. >> coming up, shares of uber make a u-turn in the after-hours session and what the ceo said on the call that's got the stock reversing course and later, a bitcoin bombshell and our own bitcoin baller, b.k., will join us with his take when "fast money" returns. these days staying connected is more important than ever.

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for more information on how you can stay connected, visit xfinity.com/prepare. >> welcome back to "fast money." we've got an earnings alert on uber shares are soaring after reporting results and this after an 11% game in the regular session. let's get to deidre bossa. >> melissa, shares turned positive as the call kicked off.

here's what ceo dharra shahi said to turn them around >> i want to talk about what we're seeing in business today and i won't sugar coat it. covid-19 has a dramatic impact on rides with it down 80% in april, still there are green chutes driving restraint optimism we've seen week on week growth for the past three weeks this week is tracking to be the fourth consecutive week of growth last week we saw a 9% trip growth and 12% bookings growth globally >> he also said that he believes the u.s. is now off the bottom net losses were pretty breathtaking, 2.9 million in the quarter and remember, uber has been burning through billions of dollars for years. the shock may have worn off. it's the promise of profitability that investors are focused on and he says it

remains a strategic priority and covid-19 will impact our time line by a matter of quarters and not years. we will hear more from him tomorrow morning on squawk box >> just to be clear, he said profitability by 2021, isn't that correct wasn't that the prior promise, as well? >> he actually moved that up to the end of this year he didn't say whether or not that remains intact and they have withdrawn their guidance for the year total so the best indication we have is him saying quarters, not years, but that initial target was by the end of this year. lyft's is next year. >> deidre, thank you deidre bosa. interesting, guy, to think that you can suspend your guidance and still have a projection for profitability. to me, i'm scratching my head. >> especially in the current environment that we find ourselves in when nobody knows what the world's going to look like a week from that let alone

six months, and i don't know how to sort of gauge this. uber added probably, i don't know, $7 billion in market cap today on the back of -- deidre said and that's a market that we find ourselves in and that's why a lot of people, myself included find themselves scratching their collective heads we played the game last night, would you rather i'll play it for night two once again. i would still rather lyft, but the move today in uber both during the day now in the post-market is again to use the word remarkable. >> you're forgiven for the self would you rather dan nathan, it looked like in the quarter you could actually see the other businesses really firing namely eats, for instance it's showing strength in other ancillary businesses >> no doubt about it i mean, listen, was there clearly a dislike in that business and the money-losing

aspect of it prior to the pandemic and it's nice to see some other leverage to pull when the rides business is floundering. it is astounding to me that the stock is up on the year when you consider that there will be serious behavioral changes how consumers interact with this service going forward. that being said, it's pretty nascent if you think about it in the grand scheme of things the stuff will be around for a while and the thing that we were just told, though, about the profitability, i'm with guy here they have a mulligan why put it out there, you know i think you can kind of keep this thing as kind of opaque as possible in the meantime, but i just don't know. i would not be buying it after the two-day run it's had gene munster has been on the call. >> profitability in 2021 and yet they pulled guidance, it doesn't

make any sense to us does it make sense to you? >> it does not i don't know where that confidence comes from. i think it's potentially leading investors in a distant direction and this quarter is not as clean as it looks with the up 10%. i would caution, yes, uber eats is on fire and it is 25% on bookings up 54% and that is a good thing and eats, that loses money and so we're losing money than the other business. they burn cash and went from 11.3 billion to 9 billion. keep in mind that lyft's cash was flat quarter on quarter. they talked about a billion in cost savings and lyft talked about 500 million in cost savings and when you compare the different sizes of the mralt form and the fact that lyft is four times bigger and they've saved $2 billion to be compared to the 500 million they lost market sthar rides are down 5% year over year

and the bookings are up 23% for lyft, and i think this is quite perplexing and not only the comments about the profitability and no company has any visibility with probably a week at this point, but what i think it really speaks to this move in the stock is just investors' appetite for good news it's just we're so much looking forward to that and so when he talks about some of the previous week, i think it gets a substantial rating when i put this together, they've done a good job, but this is still a company that is going to have a lot of moving parts. one last thing just on eats that your viewers should keep in mind, too. we talked about the fact that this loses money more than a typical business we have 20 or 25% share in the u.s. doordash is the large west 40% or 45% share we don't talk a lot about door bash because it's a private company, but ultimately, this is a really competitive business.

again, i did this yesterday. i applaud lyft for not going after something shiny here and trying to get into that business i think it's a trap. >> tim, you've got a question. >> hey, gene, what do you think about 31 million uber rewards and what do you think about the relationship they're touting with 46% with fortune 500 companies. are these a part of the foundation of the business that give you more confidence and stickiness in an uncertain environment? >> it's good for the rewards and the relationships that they have lyft has similar types of relationships and i don't know what the percentage is, but it's similar. i think ultimately, there is a bigger question at play that's not talked about here beyond the rewards and the current numbers and all of the noise in the numbers is that we've talked a lot about the key questions is around safety and reinvestors a talking about the safety of your own car and how that would

impact long term behavior and how we think about transportation in the future so, for example, if we worked more from home, if we traveled to the airport, and that was 9% of bookings for lyft if we have more groceries delivered to our home and don't use a ride-sharing service to get there. to me that's probably one of the most underappreciated questions here, incredibly difficult to answer, but that question of how has everything we've gone through with the pandemic accelerated this future and does it include people not moving around as much. >> gene, good to get your take on this. gene munster of loup ventures. >> when gene said lyft gets 9% of the revenues on trip to the airport and to take a look at how the airlines are doing and the decimation of the flight schedule and what expectations we have for that to return to normal for people to get to the airport. the ripple effect is just

amazing. >>. >> it is that's a big number. 9% you're exactly right how do you have guidance, when you know, when everything is so obscure. we have no idea how well the recovery will go i guess they have some guidance on their ability to cut costs and i don't understand -- i don't know if it was gene or you who said talk a free pass. if you ever get a quarter for a free pass on guidance, this is it i don't know why they felt to get that middle hard to understand how they have confidence that. they did say quarters, not years. maybe it's more than four quarters i don't know i don't know how many quarters they were talking about before they break even. i don't know i completely agree with you. i don't understand how that makes sense. >> coming up, the one hedge fund titan who just sent a giant shockwave. who thinks it's the golden age for bit coin >> why options traders are

trying to light things up. "fast money" is back in two. it's a challenging market.

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>> welcome back to "fast money." one of wall street's most successful hedge fund managers sending a shock wave across the cryptocurrency market. paul tudor jones, comparing the cryptocurrency to the gold trade back in the 1970s, calling it the fastest horse in this environment. let's break this bombshell down with our own bitcoin baller, brian kelly. b.k., i know crypt on twitter was just on fire today with this >> more so than ever it's a funny place, but yeah certainly having somebody with paul tudor jones and having

patty green come in and put their stamp of approval on this asset class got everybody really excited. >> when making the comparison to gold back in the 1970s, if you followed the evolution of gold and guy probably knows this better than i do, but at one point in time you're buying gold and the etf didn't exist and when the etf existed it became accessible to investors and it sort of -- it democratized it and it took away that sort of bang to your buck when it comes to the movement of gold because there wasn't scarcity involved with it. can you see the same thing happening with bitcoin especially if there are talks with etfs if this continues to go mainstream. if this is truly a flag being planted in mainstream investment, the next step could, in fact, be etfs >> i mean, it could be we haven't seen it yet we're a long way away from the

etf based on what the sec has said and at this point in time it's much more of an institutional look and you're buying the stock market. when you look back at the world market in the 70s, that was kind of the first real market that you had and that's a lot like what bitcoin is right now you didn't have all of the derivatives and you didn't have the options and the etfs that might tamp down that volatility and that's the same case here in bitcoin and when you look at bitcoin on a risk reward basis, say you buy gold on the idea that inflation is coming and it doubles. you're going to be happy and no one will be upset at a double and an investment and bitcoin, where it's gone and where it can go and the 5 and 10x, bitcoin would not be inconceivable in this environment >> brian, big fan of your work a lot of people think the gold,

bitcoin is binary. you have to own one or the other. they both can't work >> do you think in this environment both can do well >> sure. it's the same thesis it's the idea that you have a capped security or a capped supply and whether it's gold or bitcoin, i happen to think that bitcoin has a much higher upside and a better risk to reward, but the thesis is very similar the only other thing i would say about bitcoin that's different than gold, it's a lot more mobile, right? we've seen the issues we've had over the last weeks where gold prices disengage from futures because they couldn't get gold bars from london to new york to settle you don't have that issue with bitcoin. this is internet money you just send it right over and settle it. so in that sense, i think bitcoin has a bigger role to play in this environment than gold does. >> all right b.k., great to see you brian kelly, our own bitcoin

baller karen, i'm curious, when someone like a paul tudor jones, do you think that paves the other way for hedge fund managers to do the same >> yeah. i think so it does. it sort of -- nobody wants to get sort of outed having owned bitcoin if it completely falls apart, but if you can say paul tudor jones owned it also, maybe that gives you a little bit of cover. i believe -- i think -- he said it a few weeks ago if this isn't the environment for bitcoin to work, if this isn't money printing all around the world then i don't see what is if inflation ticks up, i'm optimist take bitcoin will go up, as well. >> coming up, we have an earnings triple play zillow while moving lower and we'll break down the action. later, what the ceo of sotheby's saying about the health of the wealthy. stay with us

welcome back to "fast money. the earnings keep rolling in roku, zillow and trip adviser. let's go to seema modi for more on trip adviser. >> its just how badly the travel industry is hurting from covid-19 it estimates daily bookings and revenues across segments and products declined year over year more than 90% in late march and this trend continuing through april. trip adviser ceo stephen coffer expressed his concerns, we believe we are currently going through the darkest days and we remain confident that travel will rebound and the demand for the products and services will

recover and in the meantime, trip adviser is taking steps to reduce costs in addition to laying off 23% of its workforce announcing furloughs of approximately 22% of its workforce or employees. >> worth noting, every company in the hospitality and travel space have announced layoffs or furloughs due to the pandemic from marriott to airbnb to the cruise lines and the question, when will americans travel again? the ceo says he's betting on a slow rebound in the third and fourth quarter executives say it will happen in waves and a pickup in regional travel bay car and once we have access to testing and vaccine, travel by plane. seema, back to you >> thank you seema modi with trip adviser tim seymour, that's pretty dire and as dire as we thought it would be, that was dire. >> down 90% and it really tells you where they are and they've

withdrawn guidance and the visible is difficult and frankly of the major travel online player, i think bookings has the best cash position and has the best leadership position i don't think you need to go to trip adviser here in this environment when they basically told you they are reeling it in for liquidity. >> let's get to zillow now diana olick's got the numbers. diana? >> as you recall, the housing market started 2020 very strong. so revenue came in right along expectations at 1.1 billion and q-2 guidance came in below expectations and that's yet stock is taking a hit right now. as for the zillow offers program which is its i buyer program where they buy homes for you and sell them out. they had sales end 1700 homes in inventory after shutting down due to covid-19 and on the conference call, ceo rich barton said they're actively planning to restart and that is unfreeze the i-buyer program and they're looking at safety and the health

of the local markets at the end of q1, it had 2.6 million in cash and investments and the highest in the company's history. barton said real estate is resilient and people still need to move and dream of moving perhaps even more now. melissa. >> diana, is there an expectation and are you getting a sense from the conference call that the value of those homes that they're carrying on their balance sheet will at least retain their value >> at least retain we're not going to see the kind of increases that we were seeing earlier on we were seeing those price increases gain home prices were very strong coming into 2020 we are not expecting to see major drops except perhaps locally in markets that got hit hard like maybe las vegas or phoenix, so no, they're not seeing that they expect to see the value drop and we're not expecting to see gains either. >> diana, thank you. >> diana olick on zillow >> karen finerman, you didn't like zillow's business model

>> i used to love zillow's business model, i think your question is a really good one. it seems like they're kind of committed to it. it just changes and it goes from the asset light to an asset heavy and i mean, i'm optimistic on real estate, i don't understand why you want to get into this. >> guy >> it's had a tremendous run and i think the stock closed up lerche.5 and 12% today and i'm sequestered like charles van duren and there's another movie reference and it doesn't sound like it's down much more than 20 or 30 in the after hours it's remarkable it's not giving a let back unless i'm missing something that's a tremendous tell i think the rally has been again, somewhat ridiculous, but that you mentioned them the other day with the elon musk everything he touches seems to turn to gold why not zillow

>> he listed two houses on zillow for sale by owner let's round things out with roku and the stock is up 10% and let's get to julia boorstin. hi, julia. >> melissa, that's right those roku shares down well over 9% despite the company reporting faster than -- higher than expected revenue and that number growing faster than expected and the stock did plum oat the company saying its advertising business has seen higher than normal cancellations and saying that while its ad business will expect to grow and they're expected to do so at a slow are pace and the pandemic is slowing and roku's internet ad growth and the upside of reduced budgets are that markers are looking to spend efficiently which highlights the value of roku's ads and the company is well positioned to take share from linear tv ads and the company revealing that it's on acceleration of new accounts in april with streaming hours of 8% last month and this after

incremental accounts with streaming hours of 49% over last year in the quarter and he believes the pandemic is accelerating, and that shift will be permanent and for now, the ad revenue growth is just not what analysts were hoping for and shares now down over 10%. back over to you >> thank you, julia boorstin ad revenues aren't panning out, dan. how will they be in a month or two months, do you think >> well, this is probably as good as it gets for them with net ads and streaming hours. obviously, we are seeing acceleration toward streaming and are these guys going to get more of that pie going forward and we knew the net ad would be there. we knew that would be bad across the board. is this the sort of platform that will command a greater piece of the secular shift and i

would say no and the stock had a difficult setup here and it was up 20% or so in the last week and a half and giving some of that back right now. listen, when you look at the volatility in the stock over the last few months you say to yourself something is not exactly right here investors have had a hard time firging out where this should trade and i suspect it is here until they can put up another quarter and show ad growth >> all right we have breaking news on reopening efforts out west >> specifically, melissa, when it comes to the city of san francisco and this is coming from mayor london breed out in san francisco who tweeted out as soon as the 18th they're looking to allow some businesses to resume operations with storefront pickup. again, on the 18th the release from the mayor's office goes on to say that the first round of these particular orders with regard to businesses that will be allowed to operate

with store-front pickup are bookstores, florists and music stores and hobby, and toy stores and consumer supply and art supply stores and musical instruments and supplies and peace good stores. so this follows up, melissa, earlier this past couple of hours, governor gavin newsom of california they're looking to start things up for certain businesses starting tomorrow the 8th. some of these steps tangibly taking place in california and specifically s specifically san francisco with the phase one. >> dom, thank you. dom chu with the update there. >> this stock is lit that was a clue. so what's the trade? stick around we'll tell you, next >> and top execs from etsy, newmont, square and norwegian cruise be sure to catch that at the top of the hour on "mad money. we're back in two. employees in the know.

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welcome back to "fast money. fireeye topping 10% and let's get to mike khouw with the action hey, mike. >> hiin, melissa. these cybersecurity stocks are on fire and it traded 50 times as many calls on five times the average daily call volume. most of that activity was concentrated in the may 11 and 11.5 strike calls and those are the ones that will be expiring a week from tomorrow buyers of those calls are betting that the stock will be higher by 12 bucks by the end of the week and that would be another 6.5% minimum and given how much these stocks have moved and it's understandable why the

people would be using calls after such a strong uptick than they've seen >> mike, thanks for that mike khouw guy adami, it makes sense. you need more cybersecurity and there are the articles of potentially the chinese and pharmaceutical companies with the vaccines >> scary stuff there, mel and i'm a huge fan of the options action and what i say about fireeye. i think these cybersecurity stocks would have much better and a name like fireeye and i hate to use the term, but i will, spring loaded on the back of what mike is saying and i would be more inclined to buy it than fade it here. to watch options action, be sure to tune in tomorrow at 5:30 p.m. eastern time coming up, how about a cup of kof we hillary clinton or a recording session with sting it can all be yours if the price is right we'll talk to the sothebs y'ceo

about his latest charity auction. stay with us ♪ ♪ ♪ ♪ ♪ ♪ you know, the chef here trained in france. mmm, it shows! so good. oh hey, did you say you needed help with investing? because i know someone who's really great. and you trust him? totally. yeah. we went to school together. i'll check him out on investor.gov. so, what'll it be? i'll just have the burger. before you invest, get the full report.

check out an investment professional's background for free on investor.gov. before you invest, investor.gov. for free on investor.gov. there are times when our need to connect really matters. to keep customers and employees in the know. to keep business moving. comcast business is prepared for times like these.

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recording session with sting, hanging out with borat himself those are a few of the items up for sale in sotheby's covid relief auction we are joined by charles stewart. thank you for being with us. what a great cause i want to get a sort of temperature check on what you're seeing in your customer base i know like so many businesses, you've moved a lot of those auctions online. you've had 40 sales since march 1st netting $70 million. what's your sense of what those sales would have been like had there been no pandemic have you seen less in price and less participation. >> thank you very much for having me on the show. indeed, the markets are at a luxury, i would characterize as surprisingly resilient over the last few months since the quarantine began, and i think that reflects the fact that first of all, you have almost literally a captive audience you have people who are

passionate about these categories and focusing on them and there are fewer channels, perhaps in terms of how to pursue and indulge those interests and we have seen the benefits of that you got the numbers exactly right. we've had 40 auctions over the past few months from art to jewelry, to watches and wine among many others. >> are you getting a sense of where these customers are? in other words, other parts of the world are opening up faster so perhaps asia was more active in some of these auctions than the united states? >> it's a great question absolutely the activity that we've seen from buyers and sellers are very global in fact, just this weekwe've reopened offices in milan and geneva and other parts of europe which is a great sign. asia has been open for some time at this point and indeed, we're seeing in this global marketplace, we're seeing bidding coming from all over the place and certainly asia has

been, you know, a strong source of collecting and purchasing for some time now and this period is no exception >> dan, you have a question? >> yeah. on the auction, there are really interesting lots there, and i'm thinking of throwing bids in on the virtual conversation or mumford and sons are there unusual values in there? what was the impetus for getting this charity auction together and tell us about this organization that you're supporting. >> dan, thank you so much for the question i agree with you on the strokes. they're a great band i love their new album we are actually auctioning 24 virtual experiences that i would characterize as priceless and it ranges from everything from recording a song with sting to hanging out with the strokes or sasha baron cohen or coffee with hillary clinton or a virtual house party at the real downton

abbey with some of the characters in the series it's a 100% charity auction on behalf of the international rescue committee which like us is a global organization who for the last 90 years has focused on providing support to displaced people and they're doing everything from providing covid relief and preparedness in places like syria to handing out free meals here in brooklyn. we are thrilled to partner with them and if you look at our website, you can bid until tomorrow afternoon. >> we'll have to check it out. it is a great organization charlie, thanks so much and thanks for your time we do appreciate it. >> thank you i'm going to go to guy i think that you and karen have had some experience with this auction process. >> hopefully, you have the footage and years ago, it's got to be 2009 finerman and i went to christie's and we had a great chute. we bid on a carl icahn original and karen had the wherewithal to outbid me and she won, but it

was quite the experience. >> i like that you guys wore black. >> is that what you do at these fancy shymanskiy auctions? karen, you wore black tie? i usually go bid over the phone, but what the hell? it was fun to do that with guy it was a portrait of carl, not by carl. >> right, right, right i don't know if it makes any difference. >> we saw it >> we have breaking news >> oh, god glad i can't see it. >> breaking news here on disney. julia boorstin has the details >> this is the first u.s. disney property to begin reopening on may 20th, disney springs which is in florida, this is sort of the outdoor shopping mall entertainment area that is adjacent to the orlando parks, it will reopen on may 20th and no date for the theme parks and it will reopen the disney

springs outdoor area adjacent to the parks. disney shares are up 1.5%. guys, back over to you. >> thank you, julia boorstin up next, final trade i know that every single time that i suit up, there is a chance that that's the last time. 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. during turbulent times, consider protected lifetime income from an annuity as part of your retirement plan.

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more if they smoke m.o. is the ticker. >> guy adami >> yeah. don't smoke. just say no. number one, number two and i'm with mike coco beware on this. >> thanks for watching "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. call me 1-800-743-cnbc tweet me @jimcramer. what if we have a vaccine? that's what today's rally was about, a virtual dry run if moderna ca