looks like value is getting sold in favor of something that looks like growth and both are exacerbating longstanding trends. >> i think the notable shift here in short-term sentiment is something worth watching and we'll see and the bulls have lost a bit of momentum this week especially with the closes that we've seen recently and we'll see if jobless claims tomorrow reconfirms the trend that naib maybe the narrative is changing around reopening that will be more cautious and prolonged pain. >> we are out of time for mark, sara and i melissa lee has you covered next. >> fast money starts now i'm melissa lee. guy adami, tim seymour, dan nathan and technology permitting, karen finerman will join us shortly. coming up, the danger zone ♪ the chart master's with us and he brought five charts that point to more trouble ahead and shares of cisco surging after reporting results. the company's call is under way and we'll tell you what they're saying about the future. yeah, they're talking about the

future and later, president trump says the time for negative interest rates is now. so we're breaking out our crystal ball to see what the market will look like in a world of negative rates and we start with the market sell-off the stocks tumbling after the path forward is highly uncertain and subject to many downside risks. >> the prolonged recession and weak recovery can discourage business advancement and expansion further limiting the growth of jobs and the pace of technological advancement. the result could be an extended period of low productivity growth and stagnant incomes. >> and then there's this, stanley drunkenmiller telling the economic club of new york that the risk reward for equities may be as bad as he's ever seen and scott telling scott wapner that this may be the second most overvalued market he's ever experienced so did the markets just get a big dose of reality, guy >> first of all, i know you're

not in charge of music at cnbc's "fast money" and i'm getting ready for the twitter hatred, but "danger zone" by kenny rogers is -- >> loggins, not rogers >> yeah. >> loggins, rogers, doesn't matter i mean, you know -- >> loggins >> my point is it's an awful -- it's an awful song and loggins and messina i'll take, but kenny loggins. >> come on, man. >> with that said, there are a lot of people that bow at the feet of david terp for good reason, but those people, maybe we shouldn't listen -- if you liked him when he was bullish, you have to respect him when he's staying this is one of the most overvalued markets in his career and that on top of what stan drunkenmiller said it has to give you reason for concern and kudos for dan nathan who

will fricka see me at some point of the show while the market's been going higher. the good point about today if there is a good thing is that the s&p traded smack down to 2790 held and bounced 30 handles into the close i'll take that as a ray of sunshine, but you doused it with that awful choice of music >> i actually called for that specific song, guy, knowing that you hated it dan nathan, frickasee now or later? >> listen, guy mentioned that technical level 2790 i think what's interesting about that is that in the s&p 500 that is almost exactly the midpoint of the range from the february highs to the march lows. it's also a level where we were a month ago and it's also a level where we were a year ago so the market has made very little progress over a longer period of time and right now it's taking time to digest

i want to be very clear, and i think every single one of us panelists in late march probably to the day whether it be the 23rd or the 24th would say that the peak to trough decline was overdone we expected a bear market rally in the range of 20%. we got to 35%. that might be commensurate with the sort of fiscal and monetary response that we got in such a short period of time, but now investors have to make a decision i think listening to some of these guys like tepper and drunkenmiller who is one of the smartest investors of the last three decades makes a lot of sense. they listened to a little bit about their history with the markets and their history with valuation and their history with crisis and to me you want to be listening to the voices right now especially when the market is at a critical technical level. >> i know you hang like many market participants hang on his every word he indicated that his worst-case scenario is a period of low productivity growth and

prolonged slow growth and income which is not a good sign for the economy and not a good sign for the stock market and we need fiscal stimulus which almost sounds like that fed backstop is limited in what it can do, and we hit this over and over again. this is not just a liquidity problem, it is right now, but it could be a solvency problem which the fed can't necessarily solve. >> no, they can't, and that's the problem ultimately with negative interest rates, too i'll save that for a later part of the show, and the fed can't solve companies that have no ebitda and ultimately you will get into a situation where it will be untenable. look fed's powell today was realistic at best, but on the down side he pointed to an economy that will need more low pressure and that all they have done here is to try to, you know, throw a lifeboat to liquidity and that's really all they should be doing so today was a concern, and it was a concern because i think

you really had converging thoughts okay we just talked about market players and how about the u.s.-china rhetoric and the guys did a nice job, and i thought they were ratcheted up today and through the mouthpiece, it often is the chinese government that there will be consequences for states or individuals or companies that attempt to extract some kind of litigation or something against the chinese for covid-19 i think we had a handful of things after a six-day run in the markets before yesterday or obviously the tide turned and the technicals broke down and we have carter here today to talk about those charts. >> the gremlins have gone for now so karen is with us. karen, what did you make of today's action in light of your final trade yesterday which was mimed effectively when you crossed your arms and i think mimed may be underutilized in this format of television, but you crossed your arms indicating

that you will stand pat. >> it's a -- stand pat do nothing right. i think that -- i mean, obviously the run has been enormous so we all know that dan talked about the magnitude of the bounceback, so that's the number one thing and then i think that, you know, we haven't had -- we haven't had a look at how openings are going and how slow is it going to start out and how long will it take to actually get some real momentum and get a sense of how long it will take? i feel like we have no data yet on that, yet the market seems to have priced even with this two-day sell-off seems to have priced things going pretty well in terms of people going out to eat again and restaurants are doing well and there's hope for some retailers so i think that ultimately, we will get there, but i don't know how easy it's going to be. this rally the last six weeks

made it look like no problem it's going to be really easy all of that being said, i'm long i'm always long. >> in a market like this i'm not sure what to do except to wait for things to come my way or put on some hedges when they get too frothy i'm short some qqqs and i'm absolutely long. google is my favorite position and facebook, apple, i have exposure there i have definitely exposure in the banks. i'm short some ag and that's not working right now and again, i'm a little stuck as to what to do because i think that the fed has given us a life raft for some amount of time >> right >> i don't know how long that is. >> we don't know how long it will stay inflated, the raft, that is. speaking of bank, tim. >> good metaphor >> for some time that they trade

h horribly, dan in particular bringing up j.p. morgan, but you have another chart >> yeah. look at wells fargo while we know the banks are making new lows relative to the s&p and that speaks to yield curve and negative interest rates and credit issues and wells fargo is a bigger concern because this is one of the top three, top four money center banks in the country. we know wells fargo's issues and the regulatory things that have run a foul and customer loyalty questions and the way the stock is trading and if you look at this chart and it's underperformed the xlf in 92 sessions and that's implying that there's something greater going on and i'll just say that wells fargo on valuation and its relative performance to the sector looks, you know, untenable here and in fact, there are a lot of conversations as people remember that went on in the crisis of 2008 and 2009

and it forced marriages and i don't think we're at that stage here and it is very clear that wells fargo is a wicked underperformer relative to its peers and that is after three years of underperforming and it has me concerned >> he's got not one, not two, he's got five charts that point to more trouble ahead. carter, what are you looking at? >> hi, team. how are you? well, it is a problem and we know the market's rally has been on borrowed time postponing the inevitable and things like wells fargo are working. the first chart is that of the bkx, and you can see after the plunge that nice countertrend rally and that's often what's called the bear flag and then you break down through the lower band of that channel now put that in your mind's eye and take a look at wells fargo tim just touched on this wells fargo could never actually

fly. it never really bounced and it's now made a new low and wells for example owe, no bounce whatsoever and here's a comparative chart and number three, the market is a 12-month period versus the bkx and now well it is fargo down 49 and weakness begets weakness and both the upside and the down side the fourth of the five, what we know, look at this sell-off. this peak to trough so far is down 63% and that's compared to the financial crisis sell-off on 82, and i think there's more to go ultimately, i think wells fargo will touch 19. it closed the day at 2253. last chart and this is the entire financial sector going back to the peak in '07 and this is the real -- the real problem. the entire financial sector could never get above the '07 high and think about how high it

was for the s&p. the financials and the neck an imfor the whole system, the economy. something is wrong and it's been wrong. >> carter. always great to speak with you, thank you. guy adami, pretty dire chart from carter worth. >> i wish i was able to view the five of them, but as you know it's very difficult for us to see anything where we are, but this, too, shall pass, as they say. carter's been steadfast. dan has been, as well so i am in agreement. i want to say one thing. karen brought something up she mentioned being short xyg and i think you said or she said it's not working out, and it struck me, karen's about as disciplined a trader investor as you will get and that hyg should be working out, but for the fact that this money is poured out from central banks and this

unofficially disorganized market, but there is damage from the central bank's activities and it comes in the form of people doing the right thing, but i think that's pfrpt and the collateral damage and the unintended consequences of these federal reserve activities are broad and that's just one of them >> i think carter's charts and guy's commentary a step further and obviously, the weakness in the banks is probably warranted. it's saying something about where the economy is it's probably saying what the next ten% to 20% in the s&p 500 are, but i would tell you equally concerning is the crowding in mega-cap tech, and i know you guys covered that off the top yesterday where you see microsoft, apple get back to their prior highs and be rejected google back to a prior level where it was rejected in january. a stock like nvidia which trades at nearly 15 times sales is up

33% on the year and it's trading, yesterday i was at an all-time high and there's some insanity going on here, so i would say the weakness in financial stocks and banks in particular and the strength in mega-cap tech are equally concerning when you think about where we are rid now relative to just the valuation in the market relative to where we are in this economic cycle which i suspect is going to be a deeper and longer recession than most people think and what the market is pricing right here. >> we have breaking news here on fiat chrysler. phil lebeau has that. >> fiat chrysler and psa peugeot. both companies announced they will be suspending their 2020 ordinary dividend payments for fiat chrysler shareholders that ordinary dividend, 70 cents a share comes out to more than $1.1 billion for the company and that was supposed to be paid out a week from today. because of covid-19 both

companies are saying no, we won't be paying those dividends out. both companies are saying this is not going to impact the plans to merge the two automakers. remember, as part of that merger agreement they have agreed each has agreed to pay out a special dividend to shareholders of about $5.95 billion. so again, both are saying that that merger continues on pace. we have yet to see the fiat chrysler shareholders' vote on that merger proposal and that's likely to happen in the next month or so. both ti at chrysler and suspending their ordinary dividend payouts melissa, thank you >> the tock is up 6.6% is that why the deal is is on track and it will be on the special? >> i think that's right. i think people want to see that deal close and ultimately keeping as much fire power and

drawing in lick ridzity is something that we'll see every other company going and where it's not obligated i think they should be doing that and remember, regular dividends are giving money back to shareholders that's prudent at a time when the company doesn't need the money ultimately it's a disbursement this is not a time to be doing that if you owned a business you wouldn't be doing that so i don't know why they would be held to task for that. this merger is something people want to see get done i think that's the reward in the stock price. as you're seeing there scroll in front of you dividends that have been cut in this environment i suspect that there could be another wave or hesitation after reopenings, when it comes to people relying on dividend points. >> reit. it's the prudent thing thing to

do and we talked about companies bet getting's free pass, i think a lot of companies will find it more palatable to cut or suspend the dividend think about it, disney, right? disney not paying their first-half dividend and that's kind of amazing to me and we sort of accept that. it's the right thing for them to do if capital is at all an issue you have to save it. save the capital, not save the dividend. >> shares of cisco higher after reporting results and later, more green arrows, the chinese internet stock is jumping and how one of our traders is long widing his name. "fast money" is back in two. rot. low sugar. so good. high protein. low sugar. mmm, birthday cake. pure protein. the best combination to help you stay fit.

welcome back to "fast money. we have an earnings alert from cisco. the stock is pulling back with the after-hours high with the call just under way. let's get to josh lipton for the details. josh >> melissa, let's dive right into the segment here. infrastructure platform and that's the company's core networking offerings that was down 15% to 6.3 billion. demand has never been greater, chuck robbins on the call, but this area was particularly hard hit by the supply chain disruptions caused by the pandemic and then there's the application segment and teleworking tools are now a lifeline, robin and it's within the segment and it is down 5% in total to 1.36 billion, but there was a fair amount of talk, melissa, on this call about webex and that's the videoconferencing service and zoom rival

they gave metrics and 500 meeting participants for webex and 25 million minutes and that was triple the volume in february security, by the way up 6% and robbins saying they're seeing solid growth there and he was asked on the call by analysts how does he frame what's going on versus prior periods of economic uncertainty and chuck robbins saying we are in a better position today than in times of previous uncertainty why? because of the security portfolio modernizing webex with the strong balance sheet i fail good, he said on the call and they're looking for q4 with 72 cents versus expectations of 679 cents. in q4 they do see a revenue decline of 8.5, and 11.5% and analysts thought they would see a decline of 12% on q4 be sure to check out "mad

money. our own jim cramer sit douting talking about the call >> we were talking about companies getting a free pass when it comes to guidanceand for cisco to give guidance for the current quarter when so much of their revenues as a percent is exposed to public sector and it's exposed to schools, for instance, small and medium businesses and all of the things that are shut down or really harmed in this pandemic. >> yeah. they have exposure to, and to your point because if you look at the quarter, by the way, their operating margins came in way above what the street was looking for. the quarter by itself was a very good quarter to your points there are headwinds they're facings and guidance they gave to the fourth quarter sort of speaks to that it's a cheap stock i think we all would agree that it's not an expensive stock and yeah, they don't have the eps growth that you would want, but go back and look and it's failed

there a couple of times and it's failed to trade it is to buy it on a break at 44 which i think you will see right now or wait for it toward 39 level i've got it back today's losses and break it down at 44.5, mel >> dan >> your point, mel, about the public sector exposure and the enterprise exposure and those ared areas where if you're looking for things to pick on those would be the headwinds that you would have over the next couple of quarters and ita seems like they're executing very well and the ability to give guidance for the current quarter given the environment that we're in, and that's pretty impressive for the subscriptions and software sales is up 75% and i think it's up 9% year over year and that's what bulls are focusing on. i just want to make one other point. webex is the zoom competitor and

zoom has a $47 billion market cut and trading about 50 times sales and cisco's market cap is a little over three times that of zoom and i think there's probably value to be unlocked there if cisco can start to get more momentum in this learn from homen viern the over the next year that we'll certainly be in. >> coming up, president trump calling for negative interest rates. so that got us thinking, what would that world look like we'll break down the three ways you can navigate going negative. and later, nearly 30-year lows for shares of general electric and options traders are betting on more pain ahead we'll break down that trade when "fast money" returns ature's bou. to give you the support you need... to stay motivated keep active and sleep well. add a little more health to your day... with nature's bounty.

happy birthday! so, it goes... ♪ hold up your answers. how is mickey doing today? ♪ you're just a really hard worker. ♪ ♪

♪ ♪ welcome back to "fast

money. we have breaking news coming out of the white house kayla tausche has the details. kayla? >> melissa, president trump taking questions from reporters in the cabinet room following an event with the state leadership from north dakota and colorado he was answering a question about an answer that his top infectious disease expert dr. fauci gave in testimony yesterday where he said that states that reopened too quickly would face serious consequences. president trump said that he thinks that comment was not acceptable from dr. fauci. he was also asked about companies that take loans intended for small businesses. he said if these big companies received loans and they don't give them back by a thursday deadline then trump personally will go after them he also says that he believes that fed chair jay powell is doing a better job, that his performance has improved with powell, but says they're still apart on one key issue and that is interest rates. president trump still believes, he says that the u.s. should have negative interest rates and

that he hopes the fed chair will come around on that and this is a position that the president has been touting long before the coronavirus crisis when i spoke to white house officials at that time earlier this year when the president was touting negative interest rates, at they called it brinksmanship and it is unclear with how much the world has changed at that time whether he truly thinks the u.s. should have negative interest rates now melissa? >> thank you kayla tausche in washington. earlier today fed chair jerome powell addressed those growing calls for the fed to entertain the idea of negative rates he has no plans to resort to negative rates for now so that got us thinking, in a world of negative rates, how do you trade this market? let's bring in chris harvey, the head of equity strategy, chris, great to have you with us. >> i think this is the big question for people out there. so just before we get to individual sectors and things like that in a negative rate world, what is the macro view of what that world looks like if we had to go to negative rates.

>> so if you think about it, if we had to have negative rates you have to think about that, and something would go awry and it's some sort of economic malaise and that's a difficult environment to be in and that's a very difficult environment for risk and risk product. so we're not big fans of a negative rate environment and we don't think it would be great for equities and many other risk products. >> are you not fans of negative rates because you don't like negative rates and the impact negative rates will have or because negative rates, if they're adopted means that they're adopted because the backdrop is so bad >> so the thing is a little bit of both, but more the latter, right? so negative rates again, what you have to believe is something that's gone awry and that environment will be difficult to get there and furthermore, what we've seen from europe, negative

rates is not a great situation and it hasn't helped out the europeans and i'm want sure what it would do and it's problematic for large parts of the economy it's problematic for large parts of the capital markets, as well, financials or otherwise. >> okay. let's drill down there, in that negative interest rate world, chris, what would market leadership look like >> i think market leadership again, if we think about the big picture you will have in all likelihood a lack of growth and a scarcity of growth that will drive people to your high growers and your steady earners and that will be your large-cap growth companies and there will be a nifty 50 type environment and maybe even a nifty five in addition to that they'll want certainty and you can find that in your utility stocks obviously, not high growth and if you bring rates to zero or negative you can justify a high multiple and uber caps as well as utilities >> last question here and i'm

sure the traders will have some, too. market loser, you mentioned banks and the banks are trading horribly and they're trading as though negative rates is a foregone conclusion and when that actually happens? >> in a negative rate environment what i think would occur is you would put net pressure net interest margins and they would be squeezed one more time. furthermore, if you're in an economic malaise credit will be more difficult so they'll have to post more reserves and lastly, one of the reasons why you want to own these companies and why they're trading heavy as of late is the giveback story. your payout ratios will come down overall it's a bad environment for ult in im, for bank multiple ims and it's a bad environment for the banks and it's just a matter of this is not an environment where banks can operate quite well >> chris always great speaking to you got to let you go. >> chris harvey. karen finerman, where do you

stand on a negative interest rate playbook and what that world would be like? well, i'm not quite sure what it would be like. chris brings up a good point and we've seen it in action in europe and it hasn't had the intended effect to start their economy on a growth cycle, so i hope we don't get there they only have their income from net income margin and it will weigh on them and even though rates are zero or negative and you could even argue for a super high multiple, i don't think we'll get that on the market at large, so i think it would be bad for banks. i mean, i wouldn't -- i wouldn't do this, but if you really believe in negative rates and you want to be long bonds. i'm more afraid of bonds going the other way. >> dan, if memory serves me right you had said on one of the shows in the past couple of weeks that if we went to

negative interest rates you'd sell everything and quit that's how strongly you feel >> no, i said that if the fed starts buying equities and they've already made that decision because you can just look at where fed funds futures are looking out. here's the thing, mel. just look at the sx7 it is down 90% from the all-time highs and it's 2% from its all-time lows. they're telling you how this trades and the topix bank index in japan down 92% from the all-time highs and this is why the banks are going down right now. they're pricing this in. so all of our banks are going lower and the longer that the president keeps pushing powell and pushing this narrative it's just like a weight on the bank's necks here in the u.s. guy says this all of the time about trump. be careful what he wishes for

lower oil and they crash and the circumstances economically have not been pretty good so far. >> we have breaking news on a cancer drug trial. meg terrell has more >> this is an update on allogene's data drug ahead of the cancer research conference that takes place in chicago every june while it will be taking place virtually this year, allogene's stock up 15% and this is a drug known as cart where you are taking someone's own t-cells out of their body and genetically modifying them to fight cancer and giving them back and this is an off the shelf approach, a new approach, where it's in the early days of the treatment, but they are showing positive early results in clinical trialsin the form of lymphoma you are seeing that drive the stock up now almost 20%, mel and

we do expect to see more data at the asco virtual conference in just about two weeks sending it back to you >> meg, thank you. meg terrell, it is now up 20% in the after-hours session. guy adami. research goes on in other parts of the drug industry and it speaks to what we have been talking about for a while and big-cap pharma and the biotech stocks yesterday we talked about the ibb making this new high and you go back and meg was just talking about, go back and take a look at what happened to juneau all in the same space. the biotech names regardless of what you think about they're profiting, their prices, their stocks make a lot of sense i think more so now in this environment and that's something we've been saying now for months. >> tim, quick. >> and balance sheets in biotech especially the top of the weightings of the sector are very strong and -- right

look at the outperformance anyone attaching the car-t whether it was gilead with the acquisitions and that's the space to be in and certainly where you're getting the multiple allogene up 21%. the one sentence in the major mall merger that could put the whole thing on the rocks we'll tell you what it is. plus why one analyst thinks the lookdown could provide a long-term best boost that's when "fast money" returns. health to your day... with nature's bounty. ♪ ♪ ♪

this virus is testing all of us. and it's testing the people on the front lines of this fight most of all. so abbott is getting new tests into their hands, delivering the critical results they need. and until this fight is over, we...will...never...quit.

because they never quit. . welcome back to "fast money. retail taking it on the chin as malls and centers begin to reopen simon property group getting beaten up. earlier this year simon agreed to acquire talbman centers and

what's ahead for the megamerger. the chairwoman is here and she's been reading the fineprint on that karen, what are you watching >> yes so as you talked about, they finally announced a merger and the stock had gone up to 52.50 and simon had wanted to buy taubman for years, but now we're in a mall apocalypse and so the question is is the deal in doubt? they're trading like it is this is the risk in risk arbitrage, but let's look at the merger agreement, right? these things are negotiated and it's a very well thought out provision here that's very specific and this is an air-tight merger it has this sentence these are things that you cannot use as an excuse to walk and both sides agreed to this. it is not an excuse, a volcano, a tsunami, a pandemic and goes on and lists other plagues and what not, but the pandemic, that's a very interesting word in our time. good for these lawyers for

putting that in there because that makes this agreement very tight, but how does this actually play out in the real world? how does this get resolved it's my guess, simon, of course, wants out. they're obviously paying way too much and the world has dramatically changed it is my guess that they'll find some nitpicky thing about taubman having to close their mall which is is beyond taubman's ability to do anything, and i don't think that works and they'll say we're not going to close sue us you'll be in court for years and maybe you'll win, taubman and maybe you won't or accept a skinnier price and we'll close the deal ink this is the most likely way this is resolved and it is certainly with risk. i don't own it i don't have the -- the cojones to own it. >> nice, polite word substitution that specific clause, and karen pointed this out to me and this was early february and we knew that there was some sort of a

health crisis over in china which was spreading through europe and maybe the writing was on the wall for the very smart lawyer who said we have to get that pandemic thing in and you have to wonder on the other side of that, and saying we're not going to fight pandemic anymore, just let it in, and what are the odds guy adami, in terms of this space, commercial real estate in general not looking good these days >> no, and we addressed it last night. we talked about it cbre they all seem to be going back to the lows we saw on march 23 d, but to karen's point and if you want to play the deep end of the pool and what did she say? cojones? i think there is a "j" or an "h," regardless, this is down to 38 and if there's no out for simon property, maybe tco on a flyer is an interesting trade. you probably have to do it vis-a-vis options and again,

this is the $100 table and if they were to go anywhere in this space. >> a may filing for taubman said the deal is still slated to close in betwe2020 and simon sa they didn't give any update on this deal whatsoever and one analyst at mizuho points out that it is impossible to tell if simon is actually cheap even though it's gone so far down because they don't have any data they didn't give any data on this call about rent collection or net operating income, tim just basic things for valuation metrics. again, the last numbers we got were the 2020 net operating income was up 1% and the last occupancy numbers were up 94%. these numbers sound really high and very hard to fathom in the current environment we're in so, right, without taubman simon is a name that to me has

been emblematic of what's been going in commercial real estate for some time. we talked about it for some time and it's kind of like investing in homebuilders back in the crisis when you already had this massive move down, but where were these asset values going to go, and i think you look at major urban centers as well. big problems. >> shares of jd.com surging to a fresh two-year high and we'll tell you what's got wall street so hot and shares of ge getting hammered and one options trader just made a $1.5 million bet we'll break down the action right after this

tempur-pedic's mission is to give you truly transformative sleep. so, no more tossing and turning. because only tempur-pedic adapts and responds to your body... ...so you get deep, uninterrupted sleep. during the tempur-pedic summer of sleep, all tempur-pedic mattresses are on sale!

welcome back to "fast

money. jd surging and it is bullish on the retail giant's positioning as the demand for essentials ramps up during the coronavirus shutdown j.d. is not the only chinese internet stock thriving bringing its gains to 20% this year j.d. will report earnings friday before the bell. alibaba is on deck one week later. could this be a good time to get in on the space, tim >> i think it's a great time i think the valuations are decent i think certainly in alibaba's case, it trades on peg ratios significantly cheaper than u.s. mega tech. i think when you look at ten cent the haves and the have notes of post-covid-19. there's major benefits to all of these companies and certainly the secular trends in terms of online retail, but in tencent's case, gaming and all of the other i.t. component parts of their business and social media, they're kind of in the sweet spot to me tencent, i've said this

before it's one of the great tech incube airts in the world i own that and i own baba and i don't own jd and this is a space that's proven incredibly resilient in the last three months and the valuations support that >> would you rather from mr. dan nathan by the way, viewers have spotted your cat in the background and wondered what its name is and here is the question for you, would you rather amazon or any of the chinese internet names here it's tigger and tom, it's two bets ten cent is a buy on any pullback and i want to make one point because there's a lot of shade thrown at druckenmiller today and back in '17 when he

declared he loves ten cent and they have the netflix of china and they have the ea of china and messaging and social and they have payments i think that's very interesting on a day with multi-year highs here and i think tencent is a buy because of that exposure to the chinese con sumner a post-pandemic economy. >> tigger and tom, those are cute names for kittys. you're always willing to play. >> of course, chinese internet stocks i'm not going to pretend that you can wax poetic and we discussed this that the chinese economy will fundamentally change and these internet stocks will be the winner and for you folks out there that are so inclined and this is not a plug for any particular reason, but bunty, vivec and bora, bohra

has -- i lost you. oh no, this happens every single night and 48 minutes -- there he is down. all right. hopefully guy will come back to life shares of ge are down 50% on the bigger beat down for the industrial giant and one stock seeing hefty gains as the coronavirus changes the face of america. what name is it and should you be a buyer we'll debate that ahead. these days staying connected is more important than ever.

so we're working 24/7 to maintain a reliable network, to meet your growing internet needs. we're helping customers who are experiencing financial difficulties stay connected. we're increasing internet speeds for low income families in our internet essentials program. and delivering self-install kits to your door. nos comprometemos a mantenerte conectado. we're committed to keeping you connected. for more information on how you can stay connected, visit xfinity.com/prepare.

welcome back to "fast money. the industrials getting caught up in today's sell-off and that was bad news for general electric and touching its lowest level in more than 30 years. over in the options market, one trader is betting on much more pain to come mike khouw's got the action. hi, mike >> hi, melissa so as you pointed out earlier general electric is obviously down sharply on the year and it's down 15% or so since the end of april and we saw six times the average daily put volume today and some of that is related to put volume activity that we've been seeing since late april, actually and we saw some big, bearish bets

being made then and somebody was adjusting the bearish bets and they sold some of the prior put spreads that they previously held and bought 435,000 and buyers of those puts were there that ge would fall below the strike price by july expiration and i think it's not just the stock that gives us clues as to why they might be doing this and take a look at ge's debt and it's been trading poorly throughout the year and quite recently obviously, these traders are still believing there's further weakness for the equity. >> karen, what do you make of this action? >> i think, you know, i always look to the debt so it's interesting that mike would say that obviously with their aviation exposure, i mean, it's not a surprise that their debt would be under pressure. so i took a flyer a couple of weeks ago on the hope that coke

would be able to turn it around and that expired way out of the money. >> tim, you're still in ge >> yeah. i've got a small position and the vds is not good. commercial aircraft will take some time, it will come back and the industrial balance sheet is the one part of the company that will have net cash nothing to get excited about, but the stock is cheap on the massive basis, at least. >> mike, thanks. mike khouw, to catch the full show friday at 5:00 p.m. eastern time is options action >> coming up, the coronavirus pandemic putting health and wellness front and center and one wall street rm sfiays it is time to get overweight this name we'll bring it to you next boar. boar. oh yeah, we gotta take off. you downloaded the td ameritrade mobile app so you can quickly check the markets? yeah, actually i'm taking one last look at my dashboard before we board. excellent. and you have thinkorswim mobile- -so i can finish analyzing the risk on this position. you two are all set. have a great flight. thanks. we'll see ya.

ah, they're getting so smart. choose the app that fits your investing style. ♪ at cdwwell we've made our happy,office pet friendly.s. [ bleat ] [ cooing ] maybe a little too pet friendly. well you know cdw can design a mobility solution with light powerful devices from lenovo to make your people more productive in or out of the office. anyone have any questions before we go? that's great cause i really need to get out of here. snake people are freaking me out. hey sheryl, you have a sec? -nuh, uh. for work place productivity you need lenovo, and it orchestration by cdw. people who get it.

welcome back the wellness trade winning out wednesday after jefferies initiated coverage of weight watchers with a buy rating and a $32 price target that stock popping 5% after the firm said the covid-19 crisis had unlocked a durable trend that plays right into weight watchers' wheel house. consumers prioritizing wellness. that wasn't what i thought, karen, when i heard this call. i thought people were home baking bread, making sandwich e eating chips and you know, maybe you need weight watchers >> that's exactly what i was thinking, as well, but good for them if they can do -- if they can have a wellness part and an overeating part and a dieting part i actually thought this was interesting. i liked the company and mindy grossman, the ceo. the valuation is not crazy here. they paid them a lot of debt over time and they talk about

that the digital business is twice as much margin as their in-person business and if you look at a company like match right now things are going pretty well and this is a com bipati combination of being with people online and the wellness and dieting part of it >> guy >> this reeks of would you rather. >> i didn't say on e-- i didn't anything about would you rather. >> grab an apple have an apple. eat a banana, maybe steam some broccoli there you go and then short weight watchers and buy peloton and that's your trade and you will come out looking like a champion there, mel. >> i do like the peloton that's for sure. it's time for the final trade so we'll go around the horn why not, right >> tim seymour, what do you say? >> so united health is one of those stocks that when and if it pulls back you want to have on

your list 260 and the low teens will guarantee something you want to buy when you get that moment dan nathan, are tigger related >> they're not mine, they're the kids' and the wife one word, oprah. come on, guys. this is a data play. this is a data play and this is an interesting call right here and i will just say with the xlf i'd be a seller of banks on rallies. >> dan denying the cats. karen? >> yeah. so this is a retailer i've had my eye on for two years and it's too expensive and that's tjx bought it today, and i understand at the moment it's not the best place to be although they'll get them for cheap this year. that's for sure, and in the longer term the business will bounce back? guy adami, you know what song i really wish we could play right now? ♪ highway to the danger

>> final trade, guy adami. >> i can't wait for "top gun maverick" to come out and my sense is this horrific song will make its way into it and i'll watch it despite that fact netflix, look at tha 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 call me 1-800-743-cnbc tweet me @jimcramer. you can always tell when we're due for on