comes to mega cap growth as it has several times in the last several months >> as far as earnings are concerned, my kbe is just, have we gotten any clearer picture especially from companies today like underarmor who got hammered by the markets what you do for a company that was hurting before the pandemic and has to close most of its stores >> that does it for us today melissa lee is coming up next. >> tonight's trader lineup dan adami and brian kelly coming up on fast the market bottom is in, he'll tell us where he's spotting the next big investment opportunity. something has happened that has only happened twice before what it is, and why it's a big deal chipping away at china, we'll tell you about a bold plan coming out of the white house. we begin with the most important

chart for the markets. obviously we would start there, that's what dan nathan is calling this stock so dan, why don't you walk us through what this is and why it's so important to investors >> let's talk about jm porgen. this is a best of breed bankheading into the crisis. the stock was trading at an all time high. there were a lot of investors out there in january signaling this is a chart representative of the economy that we're in, prepandemic, i just have to tell you, this thing has acted pretty horrible on the way down, it's down 35% on the year, and that is relative to the s&p 500, down less than 10% on the year. the balance off the lows in march was fairly anemic relative to the s&p 500 what's important is that investors seem to be focused on the stocks that got us here prepandemic. we know that it was the maga, the microsoft, apple, google and

amazon it's the bank stocks that are important to look at here. they touch parts of the economy that are going to struggle over the next few quarters. i think you really want to keep an eye on that, we have best of breed bank last week we spent some time on wells fargo. closing in a new 52 week low today. i think the banks are telling you a lot more about what the economy is going to be like in the next few months than the mega cap tech. they're going to be the winners out of this thing. >> do you agree that this is the most -- >> i don't know necessarily if i agree with that, but since we have a few minutes, since tim is in the abyss somewhere there's been a lot of time, i've been a fan of the netflix. recently my family and i have gotten us into the stranger

things, are you familiar with that show? >> yes, i've seen the show >> why you bring this up i bring it up for a specific reason right now, above the ground everything looks great, incredible the stock markets come back, the banks right now are -- remember the down below or the underneath or whatever they call it on the stranger things that's where the banks are, they're the under neath right now, telling a much different story than the rest of the world. and it's a really scary story. if you had told me when jpmorgan would continue on this move higher, given that report, i would say it's a $120 stock. why? tangible book is $61 that's a stock that's traded 2.4 times tangible book at one point. i would say two is a decent multiple here we are at 89. city bank is trading 65% of tangic book, that is a

devastating number, so i don't know if dan's right in terms of being the most important chart, but i have to tell you something, it's a very important chart and people should be paying attention >> i'm not clear my knowledge of the stranger things goes deep enough to carry out this metaphor, does this mean that you think what's going on in the underworld with the banks and the poor performance should be reflective of the markets or some sort of indicator of where the markets should be heading? >> you know, i think too many people -- >> yeah, guy -- >> i think -- oh, sorry, dan >> it's called the upsidedown, guy. and the markets have this upsidedown for a reason. they touch the global economy and the economy here in the u.s. take it a step further

the european banks, the euro stocks, trades horrible. it's less than 10% from its recent lows here go to the japanese bank, the topix bank index i guess the point is, everyone's staring at the same stuff, watching the narrowing of this rally as it gets to this really important -- i'm not one of these grasso, you're seeing the narrowing of this rally, the bank is telling us something differently. when you have a bank like jpmorg jpmorgan, that's why it's important. the u.s. banks are so much better capitalized than the european banks are out of the last crisis. i'm not sure if that's a fair comparison i get the upsidedown world thing. do you think it's an indicator of things to come, a reckoning of sorts for the u.s. stock

mark market. >> you're asking me? you guys doing a live tv show here >> thanks for joining us dialing in on your compuserve or whatever you have. >> i heard a little bit about what the banks that you're talking about, here's the way that i look at it, is that you're going to have negative rates here in the u.s. the bond market is already telling you that that's not great for the banks not only that, you're going to be having quite a bit of bankruptcies and nonpayment of loans, auto loans, credit cards, all of that, that's not a great environment for the bank the stock market as we define it, can go higher as long as there's people -- as long as the federal reserve is buying investment grade bonds that doesn't mean the underlying economy, which i think both of the gentlemen on the panel besides me were getting at, doesn't mean that the underlying economy is not great >> so guy adami, it is possible

to have maga go higher, but the banks continue to trade lower? >> so does that mean you just go with it in. >> yes, absolutely i think most people agree. it's absolutely happening, because once again it's incredible, the complacency that's found its way back in the market after the market is impervious to everything that's going on in the world. again i'll say this, i understand what's happening, i understand money flows and what have you i don't think people are paying attention. the nasdaq is more expensive on a valuation basis as is the s&p 500. which may be okay when the federal reserve is throwing money away willie nilly. quite frankly, it should scare a lot of people. i agree with dan and b.k. in terms of the banks and what they're saying, it doesn't mean that some of these stocks can't continue on their merry ride,

that is -- i'll go back to it, it's stranger things, it's hawkins, indiana, winona ryder's resurgence, all those things wrapped up into one. >> speaking of stranger things, tim has joined us, do you want to weigh 234 on this conversation >> it's a good thing i was listening in i know what you're talking about, and i think if you look at the russell 1,000, the growth stocks, they're trading at about 25 times and value stocks are trading at about 18 times. again, you have seven turns which basically doubled in terms of 3 1/2 turns in terms of the last 3 to 6 months this is going to continue. if you look at growth over value or secular over cyclical or main street electric avenue, eddie grant, that's digital, and this is a case where why wouldn't these trends continue as uncomfortable as it is, the

crowding into maga it's hard to dispute banks, dan's been right, his chart makes sense to me. i think that banks are being priced for more reserves and the good news is, i don't think there's going to be equity delusion in banks in the world i see right now. i think the market has to go with the credit unknown and that is growing to be to punish banks. our next guest says the market bottom is in. there's a long road ahead. let's bring in mike novogratz. good to see you. quite a lot has changed in the 20 some days since we last spoke. number one, the elephant in the room is your mustache, it's fantastic. the s&p 500 was at 2736 and you were short at that time. we're now above 2900 what's your take on the markets right now. >> listen, i think we've been at a tug of war between liquidity on the one side and fundamentals

on the other liquidity is winning and so it was not a great time to be short. the shorts don't last very long. in the long run, we were a little higher, the market is only up 2 to 4% in 30 days, it's certainly grinding higher on liquidity. and the names that are going higher, the big caps, the story names, the nasdaq in some ways you can't put a cap on valuation, because if we're in this inflationary paradigm that it's creating with all the money trending, the same paradigm that's drawing bitcoin higher. nasdaq backs an historic value and we don't really have a normal valuation and so it's very dangerous to be short. the charts look like they're going higher, the cashflows look like they're going higher, one of my favorite statistics is disposible income in america is

going to be higher this year than it was last year because of all the stimulus that's a shocking statistic. >> let's repeat that that is shocking >> disposible income, right? >> yes >> if you're a low wage earner working at a quick serve restaurants or at a big block retail, your unemployment check right now is double your current paycheck you're making $25 an hour plus the stimulus, there's actually more cashflow available to people than there was precorona. that's not going to last forever, that program cuts off in july. right now, there's so much liquidi liquidity, it's driving the price. >> you can't fight the market, you can't fight the fed, you can't fight all this liquidity you won't be short until sometime after july? >> i put together spreads, they didn't work. i'm watching the market closely, certain segments, banks can't go

anywhere the high yield index won't go anywhere credit, because people are saying, you people aren't going to pay the rent, they're not showing up at restaurants. the credit situation is going to be a mess and remain a mess for a long time. we're not getting out of this easy at best we're going toe have a dirty opening or a messy opening. because we can't get ourselves together on testing or contact tracing. no one's making any progress there, even when we open, there's going to be tons of fear, so you're not going to get the economy even close to what it used to be. at one point we hoped there would be a vaccine or we would do aggressive testing regiment, get people feeling comfortable again. it's not going to happen people aren't going back to work until january in their offices we're a whole new paradigm, which will be lower growth, messier opening. bad politics so it's hard for me to get

bullish on the stock market the overall trend, too much liquidity. >> you have half of your book, which is the macro trade in the markets. and half your book in the crypto side of things we're going to get to that after the break. to button up the market conversation your short position, the market's going to expire i believe you tweeted on friday. what are you going to do with that dry powder? or do you just sit there and wait >> are there practical things you're doing >> i will probably buy some spreads. if it wanted funding great, it's a lot easier to sell weakness if you have some exposure i'll buy more spreads if i can find strikes that make sense to me listen, there's some names i go along with anything with bo jangles is a

private company that used to be public anything with the drive-thru is doing well quick service restaurants. sales are up year on year in lots of those businesses there are some names we like, i think the longer term leisure will come back at one point. bottom fishing there, but not making a big commitment in the stock market right yet >> guy, you have a question? >> i do. mike, mustache notwithstanding, i know you to be an extraordinarily bright person. one that studies human behavior. everybody talks about this pent up demand once we get through this coronavirus my question is, do you think people will fundamentally change can you rely on the u.s. consumer 6, 9 months from now the same way you could say december of last year? >> i think if we get an all clear. if there's a miracle vaccine in six months, behaviors will

migrate back to what they used to be pretty quick but i think we're a long way from that. my -- i used to be much more optimistic and i see really difficulty -- a real difficult scenario of us opening in any kind of real way and until we get people feeling safe -- it's funny, some people feel completely safe and others are petrified to go outside their house. you have to get the super majority feeling safe, and we're a long way from that if you have the miracle thing, behaviors will -- people will take cruises, people will put themselves back in bars, go to concerts faster than you think but that could be 12 months, 18 months away. >> mike, stick around. we're going to talk bitcoin, maybe we'll go crazedy, who knows. something has happened to the crypto currency that's only happened twice before.

the big showdown between elon musk and the state of lirnia ...we can spend a bit now, knowing we're prepared for the future. surprise! we renovated the guest room, so you can live with us. i'm good at my condo. well planned, well invested, well protected. voya. be confident to and through retirement. that's why working together ist more important than ever. at&t is committed to keeping you connected. so you can keep your patients cared for. your customers served. your students inspired. and your employees closer than ever. our network is resilient. our people are strong. our job is to keep your business connected . it's what we've always done. it's what we'll always do. 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 fast money bitcoin following today. what's your take on the event? certainly seemed a little bit like a sell the news kind of event. at least initially >> a little bit, i think there was a lot of hype going into the having we've come off from 4500 huge rally, a lot of retail participation you have the news

that paul jones bought it, and bought it for his fund, which i think is significant you had a little bit of ary tail frenzy, that got sold off. i would expect the market to hold here and to start trading back up. we're seeing at our shop just a huge increase and interest in bitcoin and gettings into crypto crypto's not easy to buy, it takes a while to get set to buy it it doesn't happen overnight, but i coined that phrase a long time ago. i think this tutor news is very big news in some ways it takes the career risk out of looking dumb

it may or may not work people aren't going to say, you're a fool too do that. that's tulle indianapolis. no, it's seen as a legitimate value about i think now we need hedge funds to mature for sure >> i want to know if bit coin goes to 50,000, does he grow the mustache out or does he shavei off in. >> this was a corona mustache, i tweeted before, i think -- this may be my last appearance because i'm so sick of this quarantine maybe if i take it off. >> we've seen in the past, a selloff of 30 to 60 days, are you positioned where we have the selloff and then the rally comes? or that's the last two times and we're not going to have it again? >> i had an original strategy of

selling in and buying the pull back, we've seen so much activity that i didn't sell a thing. i put a hold on for dear life sign which is a crypto term. the real core crypto guys never sell you think about this macro matchup of quantitative easing it's quantitative tightening it's like an exclamation point on the macro story of why bitcoin should go higher i haven't sold, i think you missed the selloff, we will take out 10,000 we'll go to 20,000 by the end of the year, i feel real confident about it.

>> did i get cut off >> no, you're still here we're going to have tim seymour say something. but we are having an issue with his connection i'm wondering if you are in the trade at all and what you see from the other crypto currencies aside from bitcoin >> i think bitcoin has this lane of stored value, because it's almost a finished product, there's nothing that has to happen for bitcoin to get better the other projects being, they really continue to develop the underlying technology so it's used more often. it's used for centralized finance. there's a little less than a billion dollars. and all the stable coins that moved over there, there's $89

billion in stable coins. that's a big deal. as the project grows, i think the value will go up, i don't think it's today's news. i think it will get dragged along with bitcoin it won't accelerate on its own, probably for a year or two, until it really gets users on the platform then it will be more like facebook the more programmers, the more coders, the more business, the value will go up >> one quick question for the traders before i let you go, show of hands, who wants mike to shave his mustache off show of hands? wow! no takers, mike, you're going to keep that thing. apparently you're going to keep it >> great to speak with you, thank you so much for your time. >> thanks so much. >> what's your trade out of this >> i mean, listen, that level of confidence these guys have some history

about how the bitcoin is traded after. the past happenings, and you see he's pretty convicted that it's taking 10,000. listen, it wasn't particularly uncorrelated to a lot of other risk assets when things were selling off earlier this year. so you really have to buy into the long term case for this thing rather than a short term hedge. coming up, the united states of chips, the big plan getting kicked around the white house that could have an impact on the entire tech space. oud the company's ceo sai abt the future that has investors all revved up. ♪ ♪ ♪

♪ 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.

the trump administration looking to build new chip factories here in the united states >> these talks have been going on between the federal government and these tech companies for several years, predating the trump administration, they've taken on new urgency because of supply chain's disruptions that have been wrought by the coronavirus. they joined talks with taiwan to build micro chip foundries here in the u.s. with bob swan personally writing a letter to the pentagon which has reached capitol hill, saying that company has the capability to do this here. taiwan's semiconductor said there's been no decision yet, the question is how the government can incentivize companies to do this business here where it's much more expensive to do it in october when the new york times reported on these efforts. the chairman said it is up to when we can close the cost gap

to be sure, this is just one silo that the national security council has opened to secure products related to national security medical supplies, defense equipment, pharmaceuticals and semiconductors, to do this in 2017 a council advising president obama then suggested that the government set up a sort of venture capital fund to co invest alongside these companies to offset some of these costs, that's something that was floated by the semiconductor industry but the trend continues. let's bring in jarrett weissfeld, great to have you with us. >> how are you from in2e8's perspective why do you want to be invested in by the u.s. government? is it -- i would think that it has its pluses and minuses >> just taking a step back, the bigger issue is that the entire

semiconductor supply chain, this is what the department of defense and administration is focused on there's a single point of failure in the system right now, because there's an overreliance on semiconductors based in taiwan you think of the largest makers of chips if anything would happen, it certainly brings risk to the table and i think all of that has been accelerated in the context of national security when you look at some of the recent developments that have occurred, and the recent tensions between the u.s. and china, using national security as a catalyst, makes a lot of sense to start thinking about bringing these plants back to the u.s. >> as the semiconductor industry association pointed out, it's all about the costs. they're over in asia for a reason how can the government actually close that cost gap or is this

going to result in inflationary pressure we use with the chips inside them? >> yeah, it's a great question i think as per the sia comments that represent some of the equipment manufacturers, it's effectively cost prohibited without incremental tax incentives incentives have been put in place, i would take a step back, a lot of what you're reading here is part of a broader chess move, if you wind back a week ago. the department of commerce put in surprise export restrictions to certain semiconductor manufacturers that are exporting to the china region. when you think about what's going on here, the u.s. government is looking to crack down on china and huawei in a more meaningful way, and bring supply out of the region all this is tied into the general thing. >> sam, you got a question >> i guess my question is ultimately, does the u.s. stand

alone on this? is this u.s./china or the world against china and huawei and are we fighting the world's battle here? >> i think it's a great question i mean, i think two things i would point out from a u.s. perspective, i think we are as a country probably overly reliant more so on the asian supply chain than others, given when you think about silicon valley and the likes of the manufacturers and semiconductor i brought up earlier silicon valley is such a powerhouse of the u.s. so much of that technology coming out of the region, it's u.s. specific. where i think there's a common ground is, if you think about the global supply chain and other country's motives when they think about huawei, i think the u.k. is a great example, this goes back up to the prime minister level where the prime minister of u.k. has gotten into the fight across both sides of

the aisle, because there's a lot of disagreement with what's going to happen with the infrastructure the u.s. has been putting pressure on many countries to drop huawei out of their architecture this goes back to the other point i was making earlier all roads lead to china and huawei in terms of how the u.s. administration is thinking about pursuing their goals when you think about export restrictions and what we're doing to try to cut off huawei, remember a year and a half ago, the department of commerce wassen added to the entity list. despite that, huawei has been still producing goods. this is going back to national security policy. >> dan, you got a question >> yeah, is it just semiconductors or do you have toe reorient the entire smart

phone server and pc supply chain more toward the united states? ultimately these things need to be streamlined the way they have been in taiwan and china >> that's a great question, dan. take a step back, about a week and a half ago, the department of commerce restricted export many goods on what they call the commerce control list, that list is exhaustive in terms of items that can get shipped to the chinese military and not military uses. it's very exhaustive, everything from the basic level semiconductor to the most advanced, it could be as enforceable as the u.s. government wants it to be. i think it goes back to the heart of why these plants were built in china to begin with, and the taiwan region. i think when you think about the supply chains that are built out in asia, and bringing them back here to the u.s., it's very

complicated. as a recent example, if you think about in the context of the trade war that's been going on there's been a ton of movement to get supply chains built up in india and vietnam. the label wasn't available you're going to have similar concepts back here in the united states when you think about the ability to move out the supply chains to your point it's not just about semiconductors, it's about the entire ecosystem that exists outside the u.s. the bigger push to bring the ecosystem back here to the u.s. is a complex one and -- >> jared, great to speak with you, thank you >> thanks melissa. >> guy adami, putting aside what's good for the country but thinking about it froma stock perspective, if you heard the news that intel was going to go in building a new foundry in the united states maybe in texas or somewhere, is that a good thing for intel or a bad thing and what do you think that ultimately means for that whole -- i mean, that ecosystem

would have to move to the united states as well. >> maybe -- it's a great maybe the knee jerk is higher on the stock. i think in terms of broader implications, i think it's potentially very negative, not only for intel, but for our markets. people are underestimating maybe it's the 100% right thing to do to bring all the manufacturing back to the united states i'm not an economist, i didn't take political science in college. maybe it's the right thing to do, there's a cost associated with that, and i think the market is looks past this in a way it shouldn't i think this is far more serious in terms of u.s. china relations, than the whole trade negotiations were 18 or so months ago for whatever reason, the market is discounting it. i don't think the market should, this is scary rhetoric that's going on right now coming up, deal or no deal we'll tell you what sent shares of amc rocketing higher.

we'll get our trader's take on this news when we come back. low sugar. tastes great! high protein. low sugar. so good. high protein. low sugar. mmm, birthday cake. pure protein. the best combination to help you stay fit. right now, there are over a million walmart associates doing their best to keep our nation going. because despite everything that's changed, one thing hasn't and that's our devotion to you and our communities. our priority will always be to keep you and our associates safe, while making sure you can still get the essentials you need. ♪

- (phone ringing)a phones offers - big button,ecialized phones... and volume-enhanced phones., get details on this state program. call or visit

and accessoriesphones for your mobile phone. like this device to increase volume on your cell phone. - ( phone ringing ) - get details on this state program call or visit pnc financial exiting black rock they will sell a full stake in a secondary stock option they invested $240 million in black rock back many 1995. the stock surging on a report that amazon is considering buying the movie theater operator neither side has kwon firmed or denied that reporting. should amazon buy amc? or should it buy something else all together >> in another lifetime on this

show, we might play something like the dating game, i think, is what we used to do? >> but, you know, given the remote stuff happening, tim, what would you say in terms of what amazon should pair up with? >> well, this story sounds, looks a lot like the whole foods story, doesn't it? >> to me, going after a beleaguered franchise at one point was the leader in their industry, certainly has a fantastic retail presence. has a brand, and you're getting it at a fraction of where it was trading a couple years ago, and maybe for good reason. this is ultimately about distribution, this is ultimately about logistics and some of the same principles apply, whether this acquisition will happen, and at what price. i think this is a very similar strategy in looking at what they're doing in entertainment and media.

>> that's funny you bring up whole foods, it's almost the three year anniversary of amazon's purchase of whole foods. when you're seeing that purchase bear fruit today in this pandemic world, i would say that it's more akin to amazon having -- you know, potentially buying a barnes & noble back in the day. it didn't need barnes & noble. i'm not sure it would need amc for distribution if streaming is the way of the future. i don't know where you think amazon should go, if they are in the market for anything. >> yeah, i really like this deal first of all, because you're getting this asset at a great price. your risk reward on this is very low. i do think three years, five years down the line, people are going to end up going back to movie theaters perhaps amazon can create an experience not everyone's going to stream all the time, they're in streaming i get it, they can use this as distribution i think amazon should. that's the advantage of a

company like amazon having the access to capital in an environment like this, they can take a three to five year view i like it for amazon >> dan, what do you say? >> once upon a time, you said amazon should buy kohl's >> yeah, i like the idea of the bar bell approach of amazon with bricks and mortar retail i don't see any reason for amc, it's a rounding error, it would be to me, nothing more than a hassle, but if jeff bezos is interested, i'm sure he'll make it work. it would make more sense if amazon were to buy a pinterest for instance you think how they can broaden out, they don't have any social applications, there's a lot of things they can do with prime. get their prime members pinning a lot of different things and make the subscription that much stickier that makes a lot of sense. founder of pinterest would make

a solid senior executive and maybe -- maybe he'd be groomed to take over more than just that on jeff bezos. >> what do you think of that combination given you're the only member on the panel that has a pinterest page >> no, i know i'm the only member on the panel. i was an early adapter to pinterest. dan beat me to the punch but he's 100% right. amc is a rounding error, the risk reward at this point is -- it's amazing for amazon. you're talking about an amc which has a market cap of less than 700 million or so dollars right here, if it works, it's great, if it doesn't, nobody remembered in five years that's the position that amazon finds themselves in, good for jeff bezos, bad for the rest of the world and the folks in hawkins, indiana once again. it's a stranger things show, i

tell you amazon's the vine crawling under the real world it's incredible what goes on here >> i'm going to have to brush up on my stranger things trivia >> yes we will tell you about the big battle brewing between elon musk and the state of california and later, cisco gearing up for earnings this week, why options traderars e bidding on a big breakout when it reports (upbeat music) - we did it! (crowd cheering) - [narrator] wherever you start,

snhu is where you can finish. (crowd clapping) (crowd cheering) - here we go. - [narrator] and it's it. - [group] yay! - [narrator] you did it, high five! - southern new hampshire university. - [man] that gets a hug. (laughing) - look at that! master's degree, i did it! - i did this for my children. i am very proud of myself. - [narrator] finish your degree at snhu.edu. and wells fargo employees are assisting millions of customers never before

across america through fee waivers and payment deferrals, helping people stay in their homes through mortgage payment relief efforts and donating $175 million dollars to help hundreds of local organizations provide food and other critical needs... when you need us, wells fargo is here to help. shares of tesla dropping today, the company reporting a 64% drop in model sales last month, that's not all. elon musk is now embroiled in a big legal battle with the state

of alifornia phil lebeau has details. >> when is the last time you saw a ceo get arrested >> it could happen this afternoon, and we say that because as tesla -- they sued alameda county's health department saying we're working with tesla, we're not there yet. after talking to the governor today, elon musk thought, yeah, we can get production started, tesla, ceo is starting reproduction on alameda county rules. i will be on the line withen else if anyone is arrested, i ask that it will only be me. this was about an hour ago all of this brings up the question, in terms of in

california, whether it's in palo alto, free monday the. they're going to announce a new u.s. plan in 1 to 3 months the speculation is that it's going to be in the midwest, perhaps in the south texas is a popular location that a lot of people talk about elon musk even referenced the fact that they could move out their headquarters and other operations as you take a look at shares of tesla it will be interesting to see what happens this afternoon, when think ramp up production. does the county health department go to the sheriff and say, get him in higher, he's going against our rules or do they work out an agreement this afternoon and one way or the other, tesla says it's restarting production. >> we need somebody with a police scanner to keep on top of this for us. it's their cars descending upon

headquarters. >> can you see the pictures? it's a full parking lot. if you've ever been outto that freemont plant, they're bursting at the seams as it is. it is packed all the time, that's the way it looked today a number of the media pictures that were taken today. >> there are a number of employees that are there, and they intend to start up production >> phil lebeau -- even just elon musk, that's a whole mini-economy this begs a question in terms of states if this is the only auto manufacturing plant in california and they lose it, i mean, other states will want to woo elon musk to go there.

>> no question about it, it's not great for california everything seems to turn up roses for tesla. i said it many times, i just clearly don't understand tesla people tweet to me why don't you read up about it i read 100 years of solitude three times in college, i didn't understand it any of the three times. i'm trying to understand it, i don't. in terms of the stock, i have nothing smart to tell you right here unfortunately >> dan nathan. >> listen. we'd love to say the guy is a nuisance but his board doesn't seem to care, and shareholders don't seem to care he talks the stock down. no one cares, i guess the main point i would make is that he's going to be first in first out and just one last point, i

suspect he's got some coverage from trump trump is probably egging him on a little bit he's negotiating with his country's future with the state of california, i suspect he stays in california and gets his way. >> the treasury secretary earlier today sounded like he would be in support of elon musk in terms of opening. i urge states to get their acts together in orderto allow businesses to open >> options traders, just how high they see the stock soaring. brht sation revving up, is this a igpot for autos? we will break it down after this break. ♪

you should be mad they gave this guy a promotion. 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. now through may 17, enjoy free access to the best shows and movies from favorites like hbo, showtime, starz and for the first time ever, hulu and peacock! watch the show starring that guy you saw in that other thing... you know the one. or the series this kid on reddit says is "legit," punch emoji, explosion emoji. even the one with the actor people say looks just like your boss. and maybe sounds like him too. put your phones down. everyone's got a show to recommend. watch the best for free. just say "watchathon" into your voice remote, or download the xfinity stream app.

welcome back to fast money cisco shares, over in the options market, the bulls are betting those results could be a key to run higher. mike >> hi, melissa, the options market right now is implying a move of 6.4% that's marginally higher than the 5.2% the company has averaged over the last 8 reported quarters. bullish bets outpace bearish ones

the opening activity that caught my eye was the july 45 calls, buyers were paying a little over 1.60 for those by july, looking at a little further than earnings, the stock would have to rise 7 1/2% for those to break even, the buyers of those calls are betting that cisco could rise considerably more than that >> thanks for that, mike be sure to tune in to the full show friday 5:30 eastern time. what auto nation's ceo said about the future that kicked the stock into high gear today ♪ ♪ ♪

♪ ♪ - [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.

we have a huge lineup on cnbc tonight jim cramer is sitting down with ceo's of upwork. join host tina fey for a virtual benefit program, rise up new york to support the city and the hardest hit from the pandemic. later, be sure to catch a new cnbc documentary, dna testing. scott wapner goes inside the world of consumer genetic testing. that airs tonight right here on cnbc check out shares of auto nation shares jumping 7% after the company's ceo said consumer demand for the auto industry is

beginning to pick back up. you're a close follower, what's your take. >> i thought this was interesting what mike jackson the ceo had to say, this is the heart of the american economy. what i think is happening here, maybe we're picking up on a trend where people are going to be using uber and lyft less and they'll buy a car, they feel safer in that car, there's a trend to move away from dent cities the auto industry may not be as bad as people feared in the past, based on this commentary >> dan nathan, do you think that trend will stay or is that just a fleeting thing >> well, listen, you know, that was the pitch for lift and uber over the last few years, that cars don't get used 90% of the time when you listen to mike jackson, their customers are telling them, personal safety, personal space, that's important. you're living in a world where

people are going to drive on vacation there's going to be pent up demand to get out. this is the green shoot you should be looking for and trying to figure out how to extrapolate it into other areas of the market let's go around the horn >> b.k. doesn't like amade, sell. >> tim seymour >> big discussion on semis, infrastructure, build them there, build them here right now, semis have been outperforming and i think this is the man you want to own >> dan nathan is the one who recommended stranger things to me originally when the first season was out >> yeah, years ago >> pints we talked about it, the amazon thing that's pie in the sky, this is a stock you start picking at and i think it's one that works in the back half of the year

>> guy adami >> i'm telling you, this stranger things it's going to catch on everyone else is catching on, bristol-myers. that sucker's been going higher. >> thanks, everybody for watching fast, i'll see you back here tomorro 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. so call me at 1-800-743-cnbc tweet me @jimcramer.