green chutes mike for consumer discretionary. we knew walmart was going to have a good quarter. we knew home depot would have a good quarter and they provided essentials and the discretionary names that come will be interesting. >> yeah. i think they're going to talk about what happened the first couple of weeks of may and you will be able to see incremental improvement. is it enough >> thanks for watching we're out of time on "closing bell." "fast money" is next >> fast money starts right now i'm melissa lee. guy adami, tim seymour, and karen finerman >> we'll talk to him about that and plus what elon musk told him about pulling tesla out of california also ahead, former home depot ceo bob nardelli says we are in the middle of an economic tsunami and we are understating just how big the damage will be. later, check out shares of beyond meat soaring into today's session and one wall street firm

sees a 25% rally ahead should you bite into this name we begin with the news that moved the markets, stat news pulling the coronavirus vaccine. the reports saying according to the vaccine experts, there's really no way to know how impressive or not the vaccine may be while moderna blitzed the media, it revealed very little information and most of what it did disclose were words, not data that report sent stocks tumbling look at the market reaction when the story hit just around 3:00 p.m. eastern time and it closed at the lows of the session and modern a of course, finishing the day sharply lower. guy adami, the hope rally was fueled by moderna. >> hi, mel >> here we have the decline in the markets because of moderna >> yeah. and it's disappointing, number one. and i'm not a clinical research scientist more do i pretend to be, but we talked about this last night we said, you know what this it seems a little sparse in terms

of information and we thought people were getting their hopes up and yesterday's market was predicated on that news and i thought the 60 minutes interview with jay powell. so the fa account that we're down today on the back of that is not all that surprising, but i'll say this, and again, i'm not casting aspersions at all, moderna, to have a 17.6 at $76 off that move the stock saw yesterday. so we talked about it not passing the sniff test last night and my eye, it doesn't pass the sniff test today. i think it's going to be interesting to see if there are any ramifications going forward on the back of that. >> some of the other issues that this report from stat news raised was that sample size, remember they cited specifically eight patients that developed neutralizing antibodies. those are the antibodies that people should be focussing on

and they didn't disclose data on eight patients and eight patients is a small number of patients and it is not statistically significant in this naid did not release a press release in conjunction with moderna. those were a couple of other things that stat news raised questions about. tim seymour, we did sort of question the notion of releasing data from an incomplete phase one trial yesterday, but does that mean whatever gains we made from the hope rally should, in fact, disappear? >> well, and they didn't all disappear. >> right >> but as guy pointed out, powell plus moderna is one plus one equaled three yesterday. we got a bigger response than we might with one of them on their own. we got powell, part two, the exact same speech, but delivered in a different forum and moderna

equaled down 1% on the s&p and it didn't pull back as much either and we had the headlines and whether they be the gilead headlines and we had abbott labs and we've had different phases of treatment, testing and ultimately vaccine that have given the market hope for the last six weeks that either way is not going to be an immediate result and what i think the market has to come to grips with is this balance between what's going to be a staged recovery for people going back to work, even if we had the vaccine tomorrow through phase three with a bow on it so i think if you look at what the market did in the last hour of trading and it lost 30 s&p points and the trades that had been essentially not working for a couple of days which were the growth trades and the mega-cap check trades and the pristine balance sheet trades and those were ones that were more defensive into the close, and the markets will be in this range and the bears will point out to say hey, look, both technicals are around 2950 and

the fundamentals three quarters of the we through earnings season don't get you excited like walmart in the third quarter and i know we're going to talk walmart, but a lot of stuff has been pulled forward here and for someone that's been constructionive, i would be somewhat glass half full with moderna because they've had to shrug some of that off. >> for those watching grasso ranges where we are is probably above what most people's uppermost range, the top end of the range, 2900. >> yes so when you look at the 2955 area is where technicians are really basing their approach to where they want to sell this market that 2792 is a 50% retracement so that's where human nature tells you i have 50% of my money back i could have lost it all which, let's hope that never happens, but these are people that are coming off of that 66 low and

the financial crisis so when you look at what is this market basing off of it is vaccine. what i like about yesterday is the market really gave you some insight to what this market will look like when you get real progress on a vaccine. i think you will see a blowoff top once you get the vaccine and to all of the bears what you need to be cognizant of is every day we go on with this market, we're a day closer to a vaccine actually coming to market. so the bears have got to be where the bulls sort of -- there's no reason to take a stance here at the 50% line. i think you should just be cautious and just say maybe, maybe you'll see a vaccine within the next four months, not 18 months. >> four months >> that's a pretty short timeframe as it is karen, how do you sort of trade this whipsaw action in the market especially when granted,

this could be a glimpse of what the markets will trade like once there is true progress, but that true progress, we don't know when that is going to happen and it could be four days and probably not four day, unfortunately, four months or it could be a year or two >> right the run-up capping it off with yesterday's move, today i was a net seller and cvs, for example, was something i bought in march, but can i go back to that moderna offering for one second, if that's okay >> yeah. it's amazing to me so they talked about the eight patient, but apparently, i believe there were 45. if they do have, if they currently have data that is less

optimistic watt the eight patients for a billion and a quarter worth of stock that would be probably not so cool with the sec would be my guess i don't know what we could read into it that we'd proceed with that ipo only releasing that amount of data, but if it comes back later that they had information knowing that it wasn't quite as rosy as it was painted to be, i think that would be a difficult situation for them >> there are certainly a lot of questions and -- >> right >> the offering yesterday raised some eyebrows today again as karen had outlined so let's bring in jacob to get his take on whether or not they should draw some regulator attention and he's now with the law firm dickinson wright. thank you for being with us. >> the answer is in my mind, no question and it's the scrutiny and almost a great lead-in, is not only talking about the

mission to have facts and i can see such things as insider trading manipulation these are the exact issues that co directive enforcement steve peaken highlighted in his keynote address just one week ago at the security enforcement forum which is the preeminent forum for enforcement lawyers. i go back and quickly look at what happened with the moderna stock. friday the close of 66 and the pre-open released on test results that are now being questioned by experts and the monday open at 86 and a close of 80 and an after-market release of $76 on the offering and a tuesday close of 71. that almost invites sec consideration of a trading suspension and we've seen 33 trading suspensions since february 7th in other words, less than three

and a half months involving covid solutions, covid claims, treatment, vaccines and the like >> is there enough for some sort of trading suspension and some investigation based on when we know right now, jacob or what are some of the missing pieces to the puzzle that investigators and lawyers will need to figure out in order to proceed with the case if they did proceed with the case >> the devil is always in the details. on the insider trading side it will be who was trading and when were they trading and what was the information? in terms of the disclosure of materiel facts, it's going to be an assessment of the substance of facts what was known by the company. one of the things that this commission, interestingly, in 2019 and one of the reasons actually at the moment i'm up on trading suspensions and fighting for a client is, you know, is the issue of the integrity of the press releases and whether a

company can, in fact, does or not disavow information that may be in the marketplace as a reason not to terminate a trading suspension, but fundamentally for the sec to make the trading suspension and determination that is not an enforcement action and that is considered what is in the public interest and what is really designed to protect investors? the back to your question in terms of what else do we need. it's really the substantive facts and all of the issues that your experts really are raising right now that go to the substance of a company's disclosures and what do they know and what were they disclosures and were they adequate that defines materielity and yes, there is enough in the marketpla marketplace right now for there to be an investigation and one may very well have a parallel criminal component and one -- this company is based in

cambridge, massachusetts the boston office of the sec is very thorough and very aggressive including in the area of trading suspensions so i think there's no question we will see a regulatory investigation. >> would there be an abtight, jacob, in your view for the sec to launch such an investigation into a company that could be developing the vaccine that could save millions of lives right now isn't that politically unsavory >> not at all. if you go back to the speech on may 12th and the co director, go back to march 23rd when steve, and they are the co-directors of enforcement issued a release on market integrity this is all to the sec about communications and the quality of the communications and transparency an investigation does not prevent the company from

advancing its clinical trials, and does not prevent bringing to market a vaccine if there is one. this is about information that is in the market and that is fueling this aberrational or volatile trading and that really is the responsibility of the sec and i think the two are mutually exclusive. you can ultimately have a vaccine that whether it comes from moderna or some other manufacturer, but right now for purposes of regulatory enforcement inquiry that's about integrity to market, public interest and protects investors and you look at the materiality as reflected in the price, and i do we do see an investigation. >> jacob, good to get your thoughts thank you forrior time. >> thank you. >> jacob frenkel we requested a comment from moderna from the ceo as well as the public relations department and have not gotten anything

yet. if we do, we'll bring that to you. in the meantime, tim seymour, is this enough for you to say i'm going to stay clear of this space, of maybe this particular stock? well, i think most investors are not actively engaging and this is news for the obvious social story of what's going on with the crisis, but this is news because this is market moving. we're analyzing companies who basically have a cash burn story every day. >> it's sand through the hourglass. i think investors are largely speculating as to the time line before the economy is able to go back to work in full scale and then assess everything from credit to normalized earnings. that's where we are and that's what we're doing here on this show i'm certainly not going to be the one talking about moderna's efficacy and the phases of trial. i'll listen to meg tirrell on that, and the market wants to weigh the timeline and look at

some of these big industrial companies like airlines and some of the automakers or of the shippers and those in the line of fire and that's the calculous investors should be weighing right now and i don't think moderna, in and of itself should be that measuring stick. i don't think it should have been yesterday and i don't think it will be tomorrow. >> guy adami, we talked about bill ada number of times and it was interesting to see the initial reaction of gilead yesterday to the news that a vaccine may be coming. there is not as much of a need for a treatment for the disease for which there had been a vaccine, but gilead still finished the day lower today and finished on the lows of the session. >> yeah. i was going to bring that up so i'm glad you mentioned it, in answering your question which tim did so well, gilead is your cautionary tale that started a month, month and a half and you saw a stock that went up to 84 on hopeful news and i think it closed around 72

by the way, bill ad, there will be an opportunity forgetting about covid and vaccines and potential treatments gilead on its own i thought was doing well and now it's being taken out to the woodshed and probably excessive on the downside again, i'm not saying that moderna said, i have no idea what i said last night and what i'll emphasize today is it didn't pass the sniff test and just the optics were not good and maybe everything was on the up and up. i have no idea whether or not that is the case, but the optics weren't great, mel, and i think we're seeing the aftermath now >> you should note we did get a company response to the company with the secondary share issue and the company referred us to the prospectus and the use of proceeds which is the screen that you see there on air and the use of proceeds and that's the only comment that we have gotten from moderna. coming up, shares of spotify surging and we'll tell you who the company signed on and what it means for the stock, plus the

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welcome back to "fast money. check out shares of spotify after the streaming giant announced a multi-ier exclusive deal with well-known podcaster joe rogan. he, of course, is the host of "the joe rogan experience" and you may remember him from this infamous video with elon musk in 2018 and he is expected to be on spotify later this year. tim, huge serve on this get of joe rogan. >> yeah. i mean, i think you have a case

here where we're obviously looking for content these days and spotify obviously has been showing their ability to monetize and raise free cash flow, and i think this is it this is not a game changer, but this is again, about a major personality joining up and this is something that should be bidding the stock. >> grasso, you like spotify? >> you know, when you look at the chart on it i don't like to buy charts that are straight up on this, and i would give it a couple of days for it to settle back in. once we get back to work i think those listeners will probably dissipate is not the proper word, but will decrease definitively so i think you'll get a chance to buy this a little bit lower and when you buy a stock based on talent, i think that always comes around to bite you in the butt i would wait a little bit longer i'm sure the stock would do okay because it has a mass following, but i would wait on this news specifically, give it a couple

of days to breathe don't buy a stock on one name and one name only. >> isn't that sort of what's done anyway? when you have netflix or studio and they snag some big director or actress in some series that they're launching, karen, that oftentimes bids the stock higher star wars, that's probably an extreme example and that is one example of a company moving higher based on the content they have secured >> well, two examples come to mind, one was a positive and one was a negative and both involve oprah winfrey which i think of something like this. when oprah went to start her oprah winfrey network on discovery and there was quite a bit of fanfare and everyone was excited given the strength of her show didn't work out. however, when oprah went to weight watchers that was genius. that was just a gigantic score so i don't know how this will work out i kind of agree with steve

i wouldn't chase it up here and this is another one where i absolutely love the product and i'm not exciteded about the valuation particularly on a day like today when it was up so big. >> you know there is a "fast money" podcast did you know that? >> seriously >> trade school. absolutely the more you know. fyi for all of you out there working from home. >> coming up, retail getting wrecked today as the first group of companies report results and we'll hear from the former ceo of home depot and why there may be more pain to come and it is trading ahead of all-time high ahead of earnings and why options markets say you should play. stay tuned

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home depot, walmart and kohl's, during the pandemic. where does retail go from here and what i want to know, karen, are these retail winners during the pandemic, will they still be the winners post-pandemic? >> i think they will be the winners. i don't know if it will be as stark a contrast as it is now, but i think that obviously people were stocking up. so some of the revenue was pull forward for future use and also they're gaining new customers that maybe wouldn't have used them before, so that's a win, but i think that -- i mean, walmart's done a fantastic job, and i thought the numbers were great and i thought the margin was great and i'm worried that target would have run up a huge amount even if they put up good numbers and i feel like it's already priced in and its had maybe a -- i don't know, high 20% move it's sort of also been a portfolio management and it got

a little too big i think they'll be a lasting winner, as well, but i think the price is already reflecting a bit of a lasting win >> you have to wonder if a company like walmart, how much of that traffic this had gone into the store will permanently be e-commerce sales which the lower margin sales means it costs more to fulfill those orders and the cost of goods of walmart was up 9.7% and that's being amplified across the sector as more and more people were moving online and those shipping costs eat into their margins. >> i think that's a fantastic point. people, for example, somebody like me who as i say the next time i buy something online it will be the first time, but if you find that the experience is pleasant and non -- non-scary as you might have thought you might be inclined to continue to do that i agree, i can't tell you what percentage will do to continue to stay online, but in terms of

the way the stock traded >> walmart started trading lower long before the moderna news was out. it traded up to those levels that we saw a couple of weeks ago and seemingly failed and the reversal was interesting and i have to tell you something, we'll talk about home depot and the fact that it traded up to february highs and it is also disturbing and that comes on the heels of something that we talked about a week and a half or so ago and the move in an apple and in the microsoft and apple, and all things that aren't necessarily a problematic. >> bob nardelli is out with a big warning. wall street is underestimating the tsunami that's about to hit the u.s. economy bob nardelli is on the phone and he ran chrysler and was a ge executive and wears many hats. always good to speak with you. >> thanks, melissa it's great to be on, and just to pick up where both karen and guy were speaking about walmart and

home depot, i think these are two solid, solid companies they've got great ceos with doug mcmillin and craig minear. i think the comments that were being made by karen that everybody, you know, has been sheltered and we started to do stockpiling and we're all probably a little guilty of that and both of these gentlemen did a fantastic job in responding to their associates and premium pay, making sure they had ppe protection and making sure the stores were as disinfected and clean, dealt with with a limited number of people per square foot in both cases we saw less visits and higher ticket price which was really phenomenal and both of them had positive same-store sales. so i think these are, you know, guy, i think these are two companies to really keep an eye on and they're going to be solid when everybody starts crawling out of their shelters also >> the average ticket price at

home depot was 11% which is remarkable bob, i wanted to get more on this tsunami that you're forecasting. aren't we in the tsunami or is it going to get worse? >> melissa, i think that i appreciate the optimism that we're hearing out there. i understand it, but if you look at the degree of difficulty and having sat in these chairs myself, some of these heavy industrial companies are really going to have a challenge. let's take the airline industry, for example, so we see air travel down as much as 80%, so we see one airline company basically parking 500 points and they're getting rid of their 777s that have long been in the fleet and the mcdonnell douglas stuff and you have excess pilots and crews, and what happens is the dominos tumble to boeing and boeing had an issue with the max to start with, but then they have to shut down commercial and then as a result of that, ge

shuts down really the bright spot in that portfolio, jet engines and they're off 13,000 technical workers, in my experience, that's a 10 to 1 ratio, melissa for every one you lay off in ge or every one we laid off in chrysler and the tier two, three or four gets whacked and starting to get that supply chain and we're talking about some cases, 12, 18 months to get things up and running and in some cases with the issue with china the tariffs and the disruption over there, and i had 20 directors on the phone the other night from mexico and they're very concerned when they think about $300 billion of exports into the u.s. and they're starting to shut down what impact is that going to have on the auto industry? the auto industry has had three starts now they'll do middle of april, end of may and we're starting up and think about the degrees of difficulty and one is ppe protection for workers coming back second, you know, they have the

social distancing to have to re-profile all of the workstations and based on seniority when you have people back, you have new people on new jobs so you have to worry about osha safety and you have to worry about quality and the biggest issue they'll face having lived through this myself is getting the supply chain started. >> right >> the dealers have 90 days of stock on the ground. the overflow lots are literally overflowing so they'll have some time to bring this up to the production level, but they've got a stacked inventory issue and they've got to decide whether there will be a consumer pull program through interest rates or a manufacturing push by just putting tremendous discounts and incentives on the hood of everything they move so i think we've got a real issue here in some of these heavy industrials to get them up and running over the next several months and ten, 12 months, melissa. >> we're just about out of time and i have to ask you about

general electic and we just showed the chart on the screen and 6 and change is where we're trading at right now do you think this could be in some shape or form a takeout target >> well, i don't know. in total, i think larry has really been dealt a challenging hand he's a very competent leader he has a tremendous track record from dan herr. cash is the king when you look at the amount of money that boeing is pulling per months and billions of dollars per month just like in the auto industry and he may have to monetize more pieces of the business to be able to get through this trough, but you know, it's unfortunate that aircraft engine which was really the bright spot now got a bump in the road as a result of aviation, boeing and now falling into ge's basket there, melissa. so let's hope that -- let's hope larry finds a way to navigate that great company through this

challenging period >> bob, always great to speak with you thank you. >> thank you, melissa. >> bob nardelli. steve grasso, where do you -- he raised a lot of good points about the supply chain we don't know how the dominos will fall. >> so much there >> yes so it's just -- you wonder if people would be willing to pay more to have that supply chain brought back home, and i think that everything that we've seen recently leads me to believe that they would, but when you look at walmart they're over 50% groceries. that's what helped them in the beginning and target is not nearly that strong in groceries, but now we're buying other thingses things besides groceries and that's why target came on strong later and kohl's will have a lot of problems coming out they incentivized and reduced prices on too many things. i don't feel strongly that kohl's stores has a bright future going forward, but i'll throw another one in there that

i didn't talk about. costco remember all of the pushback on this who needs this many paper towels who needs this much water? who needs this much toilet paper? we found out who needs that and they were the original bulk buying machine and people will not stop their behavior there and just to go full wrap on everything that he commented on and you have aviation, power and healthcare, i hope they start breaking it up because it was starting to which back on its own, but i think with this pandemic, this is a lot of headwinds for them to survive the way they are right now. >> all right coming up, california governor gaffin news gavin newsom and he's calling for a $1 trillion pandemic relief package and his efforts to reopen california and elon musk's threats to leave the golden state beyond meat, why the sck ctoan rise another 25% from here "fast money" is back in two.

welcome back to "fast money. california's governor making some big headlines today, gavin newsom and his economic task force sending a letter to congress asking for an additional $1 trillion in federal aid to help state and local governments. more than 100 business leaders including bob iger and mark benioff signed that letter and i sat down with him exclusively and asked him what would happen if congress did not pay up. >> public education is impacted very directly. that doesn't need to happen. the purpose of federal government is to keep people safe and focus the well-being of our citizens at the end of the day we're not looking for charity and we're not looking for a handout and we

believe this is social responsibility it's not a red issue it's not a blue issue and it's not a large state issue or a small state issue and it's an american issue you heard jerome powell talk about the impacts of this the likes of which we haven't seen in our lifetime and it's incumbent on the government to do better and not pointing fingers when i say that. i am just saying we have a shared responsibility to the american people, 40 million that live in the state of california. >> the bill is receiving some pushback and opposition. we spoke to pat toomey earlier on cnbc. here's what he had to say. >> there is a real debate as to whether there should be any federal funding going directly to states and municipalities to replace lost revenue why is it that the federal government should be the source of this money? states and municipalities have taxing authority of their own. >> how would you respond to that >> i mean, it's a fundamental

central purpose the federal govern am, what is, we should ask, the purpose of federal government if not to protect its citizens and to address the issue of social responsibility at a time of great need? let me just underscore the great need if it's not obvious, it should be obvious to everybody, but we have depression-era unemployment the numbers we've seen made public significantly understate the severity of the economic crisis in the united states of america. it's well north of 20% unemployment, and the reality is as we toggle back, as we reopen the economy, california roughly 90% of the economy now is conditionally reopened you can't run a 90% economy. consumer demand simply will not pick back up to where it was pre-pandemic if it's not obvious the answer as to why, it certainly will be over the course of the next weeks and months and i hope not

just republican senators, but democratic leaders across the spectrum recognize that and meet this moment. >> just to play devil's advocate, governor, hasn't the federal government spent trillions on ppp and individuals and that is support in a way, and a support for states so how much -- why do you want the money to come directly to the coffers of your government >> i think when you look at it in those terms it conjures a pejorative that somehow government is other than as opposed to essential we talked a lot about essential. we talk about the essential of public safety, our first responders, our police officers, our firefighters, the essential nature you any parent -- i've got four children, can attest to of our teachers, our public educators and our nurses, our doctors. those are the front-line county workers and city workers that potentially could be impacted if

we walk away from this moment. the biggest mistake we often make in these moments is we don't recognize the moment, and we play small ball, and i think that would be a huge mistake in terms of our economic growth and economic recovery in this nation. >> you're talking about the job losses across the country. in california specifically, governor, do you think that you've seen the worst economic data or is that to come as businesses reopen and start to feel their way through this post-pandemic or pandemic world that we are currently in >> i'd like to hope so $4.8 million people filed unemployment insurance just since march 12th 4.8 million americans in the state of california just since march 12th as we reopen the economy, and by the way, i know a ing this or two about economy. i started in the private sector pen to paper, opened 23 businesses and at peak we have roughly 1,000 employees, restaurants, hotels and wineries i have a deep sense of understanding of the complexity

of reopening in this respect it's consumer demand that ultimately will determine our fate and future and what's the predicate on that? public health. to me it's an and not an or. it's not about the economy versus our public health it's focusing on both and that's fundamental in terms of instilling a sense of well-being where consumers can come back and feel confident and safe and employees can come back and feel confident and safe and that's going to take some time. >> want to talk about some of the businesses in your state elon musk was upset with the alameda authorities when he reopened the fremont plant against their orders he has since signalled that he would like to move tesla headquarters out of the state as well as future programs, future manufacturing plants, for instance, out of california and has talked to state officials in nevada as well as texas. are you concerned about losing some of your companies to other states because of the pandemic

and just because taxes in california are high? >> well, the economic output in the state of california has been second to none against substantially outperforming the rest of the country, we averaged gdp growth over the next five years and the innovation and the entrepreneurial spirit runs through our veins and more start-ups and more scientists and engineers and more nobel laureates and we may not be the cheapest place to do business, but weir are the best place to do business and it shouldn't surprise you that the ent entrepreneurial spirit and this state has been his partner in up helping him grow his business and we are confident that he will thrive and not just survive in the future and with respect to those that want to be taking advantage of this moment, no,

california knows no equal as the fifth largest economy in the world and we are investing in our future and we'll invest in our growth engines and we'll invest in our innovators >> if he leaves, if tesla leaves you're not worried about replacing that company with another innovative, technology, and/or manufacturing company >> i'm not worried about that, but i'm not worried about elon leaving any time soon. i've had a lot of conversations with him and we're committed to the success and the innovation and the low carbon green growth economy that he's been promoting for decades and the state of california is accelerating in. i think it's in all ours about to continue to find ways to have common ground and they accommodated and they began reopening in manufacturing and logistics and warehousing all across the state as operated and reopened in the last few weeks >> interesting trends are emerging in this pandemic world and one is work from home and

there are a couple of companies both run by jack dorsey who say that, woers can permanently work from home, square as well as twitter and i'm wondering if you're concerned that that could mean a flight out of a california cities, but be out of the state in general >> no, i think that was a trend line that will become a headline i think we've accelerated change, change that was already under way. i think some are promoting radical change and i believe that we're accelerating change that's under way that relates to telework, work styles and work models that was happening with the merger of i.t. and globalization that at the same time, something foundational has been happening in our economy for decades and the pandemic has clarified that focus and i think that would be more resilient and more capable of meeting a regulatory mindsets and not just as an impediment, but to support it >> that was california governor

gavin newsom and you can see it on cnbc.com. what he said about elon musk and work from home trends and reopening across the state, tim? >> yeah, i think, first of all, this is the fifth largest economy in the world 3.13 trillion and we heard from in addition to powell we need more fiscal and more monetary. i'm not so sure about the monetary no question this is a time for fiscal i do think that the trends that are taking place in terms of work from home and what this also might mean for commercial real estate and what that also might mean for the revenues of major urban centers is something we still haven't seen. i think that will be one of the have not moments of the post-covid-19 world that we live in i would just say as a citizen, this is the time i need my federal government and i think there are moments where we are going have to step up and it's interesting to hear the governor be so forth right about that because i think that's exactly

where california sits right now. >> we have said on this show many times that recessions are an accelerate to preexisting trends and already in many high-tax states new york, and california specifically since that's the one we're talking about have seen an outflow of residents and we've seen a loss of residents for seven straight years and i wonder if you think this work from home trend can challenge states like california, because if you don't need to be in san francisco and pay $1 million for a studio apartment or a one-bedroom apartment you're going to leave. >> right you're going to leave. i mean, i think, you know, just anecdotally hearing that already, i think that that is going to be a big pressure on california and some of this was starting before any of this. the cost of doing business in california was already very high, and we saw a lot of exodus to texas where it was much more business friendly and the first

few trillion congress was trying to work together and it really was bipartisan i think the next trillion or more will be a lot more difficult and it can't help, but be somewhat political ask california very much a blue state, so i think it's going to be a little bit of a -- it's going to be difficult for them i don't know that they'll get the relief they'll need. >> i wonder if elon musk knows what the governor just said about him leaving and if that is actually correct maybe we'll hear from musk himself. coming up to infinity and beyond, for shares of beyond meat and we'll sink our teeth into that one, next, and the d 'vk getting a breakout anwee got much more "fast money" in two. and you should be mad at tech that makes things worse. but you're not mad,

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welcome back to "fast money," btig biting into beyond meat as it neighbor yates with a buy, and the first gravitates t the consumer to more food-conscious food options. it was conscience in the prompter -- anyway, i read that by accident. guy adami, what do you say that's the truth i am telling you what is actually happening up here >> willferrell got himself in lot of trouble reading what was on the prompter. you should learn from it, number one. number two, what i said at the time was i enjoyed the product i had issue it is in the aftermath. recently you said what do you think? i ain't eating it again, but i love the stock i thought it would be up to 130 and you taid trade it now on the

long side against 130 and you do look for that 173 price level and my insides not withstanding. >> the caveat in this analyst note is that beyond meat has to go beyond what has been a core demographic which is young, femal females in urban cities and grasso, they've got to the broaden it out and you have to appeal to middle america. >> right >> i'm not so sure it's healthier for you, but we're not here to debate that. i can't buy a stock that's up 80% already and the regular, the old-fashioned meat producers that have their supply chains and distribution chains intact already are tyson and sanderson farms and stay with tyson and i'm betting on a rebound of that name >> coming up, are you looking to level up your portfolio? look no further than this stock. options traders are playing this name into earnings tomorrow and i've got all of the details of this after this trade. i got an oriole here.

eh. common bird. ooh look! over here! something much better. there it is. peacock, included with xfinity x1. remarkable. fascinating. -very. it streams tons of your favorite shows and movies, plus the latest in sports news and... huh - run! the newest streaming app has landed on xfinity x1. now that's... simple. easy. awesome. xfinity x1 just got even better with peacock premium included at no additional cost. no strings attached. just say "peacock" into your voice remote to start watching today. welcome back to "fast money," take-two interactive hitting a new all-time high as it gears up, and betters are betting the stock could break higher and mike khouw has the action hi, mike >> hi, melissa so take two interactive traded about five times its average

daily call volume today and it outpaced bearish bets by 25% a lot of that activity in the opening bay's department was in the may 145 calls expiring this friday and these weekly calls and the buyers of these are making bullish bets that it will pop after it hit all-time highs after it reports earnings and it is implying a move of 8% and possibly one of the reasons they're buying these calls and risking $3.70 to do so because that is a lower risk way for them to press bullish bets with it strong as it is. >> thanks for atth full show at 5:30 p.m. eastern time up next, final trades. ♪ ♪ ♪

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time for the final trade let's go around the horn tim seymour? >> yeah. blackstone they reported pretty good numbers even if rell zags will be slower. i've been a sideways trading since earnings i'd take blackstone. >> steve grasso? >> microsoft just seems to be a performer before the pandemic started, sold off and gave you a steep discount and now it's at or around all-time highs and this is going to be one that will make the economy more efficient even when we get back to work. i'm staying long and i think we'll look back on this when it's trading back above 200 and say how did we miss that >> karen finerman? >> i feel like a pullback is in order here, but of course, i like what i own. so with the spy, with the vix on the spy elevated as it is i don't want to pay up to buy puts, but instead i will sell

out of the money calls so that's my final trade sell spdr calls. >> guy adami >> the twitter traded particularly well despite a lousy tape and some tweets from president trump, so i think you stay with the twitter there, mel. >> thank for 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 or tweet me at jim cramer. c, is it a v