>> see if that gets challenged at some point. down only 5 1/2% year to date. down less than the february peek in general, we've gotten to a place where we have a garden variety pull back. just took a dramatic path. >> i'm looking for an out of this world interview at 9:30 a.m. eastern time. we're out of time on closing bell fast money starts right now. fast money starts right now. tonight's trader lineup, tim seymour, brian kelly and jeff mills. crisis in america, street protests, some peaceful, others violent. the market on edge as the nation slowly reopens from the coronavirus lockdown, will the growing protest stall the economic recovery? we kick things off tonight with steve liesman who has more on that story >> melissa, thanks, with the understanding that loss of life and injury, the most important aspects to what's going on with the crisis right now, there is renewed concern about the

economy as well. with concern that it would hurt the reopenings that would have been under way along with another round of infections because of all the demonstrations diane swan tweeted out today, there's little question the events of this weekend will affect the economy what started as a health crisis, but much more. the riots lasted, how long he wrote a long piece saying, it's too soon to know how the economy will transition. the timing and trajectory of broad economic recovery will not be altered hopefully we can find ways to expand opportunity, a way that will more effectively tap the potential of everyone. that will be good for the economy long term. the economic story this week,

before the issues was going to be about bouncing off the bottom and indeed we have a paradox here bouncing off of terrible numbers to numbers that are still absolutely terrible. the ism today coming in above 43 we're looking for 44 it's better than the 41 we have. same story with ism services on wednesday. the jobless claims are terrible, but not as terrible. we have another 8 million unemployed, that will be accompanied by a 20% unemployment rate. that will be on the way up there is some analogs here, it's a terrible one but to the 1960s, which didn't have much overall effect on economic or overall gdp. but there were several studies that show that the impact on african-american businesses, african-american employment and income over time and can stretch out decades from riots like these, but however in the '60s,

they were talking about four years worth of unrest. >> in terms of how the pandemic has negatively impacted the economy, i mean, is it the economist consensus view that it has impacted the less economically advantaged people in society and therefore these protests have the potential of making that divide even greater and in as much as that economic divide translates into an opportunity divide as well that exacerbates problems. >> i think that's right on all those counts, melissa. the data showed that african-americans have suffered more when it comes to unemployment from the covid crisis >> they have suffered more when it comes to the health effects from the covid crisis. and you went into this with record levels of inequality and what's going to happen here is inequality is going to be made worse. you had a decline in the

african-american and hispanic unemployment rates you had longstanding issues, and they were exacerbated by the crisis and then you're going to have a knock on effect if these destroy property in the innercities, which by the way, i think you already know, the innercities are going to be challenged anyway, because of people's concern about high density population >> steve, thank you. steve liesman. it's a difficult conversation to have in that we don't like to look at the markets through this prism of people's lives, and inequality and society it's a conversation that we have to have, because it does have an impact on our economic well being which impacts all of society. and also impacts, of course, the markets. >> when people are looking at risk appetites frankly, there has been a bit of a disconnect and when you look at the pain that's going on in the country and some of the trends that

we're talking about. the secular trends for u.s. cities are not good. whether it's commercial real estate, whether it's some of the -- essentially the small chains that are packing up and leaving. >> which assets performed today. it was an interesting day, in that if you look at equities, we at times in the last two weeks and really two months, spent time talking about oversimplifying the growth if you look at what was moving today. you had a dollar that's almost 5% off of its top. the dollar move lower has been very supportive to minors and reflation trades look at some of the steel companies, look at those trades. amazon, apple, some of the mega cap tech names have been basically pushing back to all time highs have not given any ground, while

you had a strong day for airlines it's clear to me that to sum up, markets right now are not addressing the job loss. they just aren't they're looking at stimulus packages, whether it was jaime dimon saying there are many consumers in the u.s. that are better off because of stimulus, because of them household income right now. that's part of what the market is calculating. >> sort of the leaders that have been working for a long time a little more defensively, like the large cap technology plays the reopening trade was well under way. we mentioned the airlines, retail doing well. casinos, cruise lines, the things that would really benefit from the economy just resuming its activity, really thrived today. >> yeah, absolutely, i think what people are -- at least to me, the message from the market, they're saying people are going to get back to business in general a lot faster than perhaps we thought in april or

so that's not my particular view on the market i think we've had quite a tremendous run, i don't think when you're talking markets. when markets are at their highs, that's when you want to start pairing off some risk as opposed to adding on the risk. we said, hey, listen, this could be a big shortcoming rally it's been quite a rally. now is the time to take a little off the table in my view >> i'm curious as to what is going on in america factors in at all eastern if it's just an additional risk at the margins kbuz going into this weekend we had the fears about reopening or the concerns about reopening would not be as robust there are plenty of other reasons to be cautious

i think the market is conditioned to -- there are so many examples of these being short lived. there are a couple variables here that make this different. potentially, so you have people gathering, this is predicated on people getting out of their house. does this delay that in some way? it hasn't been a rotation, it's been a difference. is that going to be able to continue, just given the backdr backdrop the protests aside, we already had a lot of risks, we had a lot of these typical correlation breakdowns, the market rising,

pmi's falling and remaining depressed. how long is that sustainable i don't know it's an interesting technical set up here, as we have had this broadening out, we now have 96% of the s&p 500 trading above its 50 day moving average. this is similar to some of the biggest momentum surges we've seen over the past 50 years. near term, the market is over bought the ratio continues to be really low. over the next two or three months, you have to err on the side of us, at least consolidating, if not correcting i've been so bearish over the last couple weeks, the momentum surge i've been talking about, it would be consistent with the consolidation or correction. if you look out six to twelve months it's been bullish you look at '91, the early 2000s. all of these durable lows were

associated with surges like this over the long term, it ended up being a good sign. we'll see, maybe that's something to hang around >> that is a silver lining, that is a staggering stat in case you didn't have your pencils and papers out when jeff mills was going through it steve grasso, what do you make of this technical setup here >> i think there's so much to unpack with what the rest of the traders had to message that fluctuated and that pushed around a lot of the indexes. today you have the first day back after that rebound. i wouldn't make too much of it on a day to day bet. but let's get back to what bk said you had such an over reaction to the down side that people were betting against this market ever opening up again now, the market starts to open up again andpeople are lopsided when b.k. was talking about a

massive short covering rally, yes, we've seen that now, the 200 moving day average to throw a technical technical is at 3000 now we're at 3055. if you start to look at it, use that as your bold bear barome r barometer, whether you want to put risk on or take risk off i think i would err on the side of being cautious now. if volatility spikes again and you have the reinfection rate and you get hospitalization rates starting to get off the charts you don't have earningsto fall back on any more so you sort of have a market that is looking for guidance, over reacted to the down side, now pushing higher, i think what jeff said is really important to leave off on it's a broadening of the marketplace that is rally. used to be tech, used to be fang it's not just about rotation

if we can get the growth names and the value names start to perform while the growth is there. the market can make new highs. i don't think there's any reason for the market to make new highs just yet but obviously the bears are on the run right now, and it's about two things, corona and the fed. you get a headline out of spain with no new deaths in the last 24 hours, that's a tremendous tail wind for the market you get stimulus from every central bank in the planet on the globe, you can't get in front of this. i would say to wrap it up with tim's statement, watch the gold miners, watch gold, printing has to catch up at some point. >> by the way, we should point out that steve is joining us on the floor of the new york stock exchange your next guest by the way, says one key part of the market could see more downside risks. let's bring in julia emmanuel.

always great to speak with you >> great to be with you. >> you think small caps could be hit the hardest? what's the thesis behind that? >> all this talk that we've had about the momentum surge upward, the fact is, once the bear market ends and we're not ready to say that this is a new bull market, but we've certainly rallied massively off the lows, more than 50%. when you look at small caps. there's a unique risk to the potential for a pull back. you look at small caps, basically what you have is aside from the strain of the social unrest, you've also got this dynamic whereby the government is sort of slow playing the stimulus, and if there is any silver lining, and it's very difficult to find the silver lining the amount of tragedy we've seen in the last few days, maybe the scenes that our government is seeing, will cause them to accelerate the stimulus, which

america's workers and small businesses need. and to the extent that that is delayed toward the fall, that's the risk the small caps in our view >> just to be clear. it's the run in the small caps plus the delayed stimulus, is that -- >> correct >> and in terms of the pull back that you're predicting in small caps, is it going to be deeper than that of the one you're predicting for the broader markets? >> from our point of view again, what we think is this trade over 3,000, it's significant when you look at today's market action, what it tells you is that you had not just a daily close, but a weekly and a monthly close over 3,000 a lot of the action today is attributed to the passive money coming in, based on the technical signals. from our point of view, what this does, rather than a break out to a new higher range it's an extension of the range we see

roughly between the 200 week moving average which is that 2680 right now and this area slightly above 3,000, which we think is resistant. what we're trying to say is, as an investor, you need to be prepared for a pull back of 15% or so. we're not saying it's a definite the summer is likely to be less volatile, when you think about the previous 11 years bull market our advice has always been when we felt stockswere getting ahead of themselves, to prepare for pull backs of 10 to 15%. now that's centered really more around 15% >> you're still forecasting new highs for the markets by 2021. this could be a sharp recovery from that 10 to 15%? >> absolutely. absolutely and if you think about it in volatility terms, we are in a new range for volatility, we spent several years with the vicks bouncing between 10 and

20 we would expect the next several years for the vicks to be bouncing 40 or higher. and within that context, it's reasonable to expect 15% moves up and down. and ultimately in our view, is if the economy recovers at a pace whereby you sort of buy the economy enough time for medical development. that's really the recipe that gets you to new highs next year. >> julian, thank you brian kelly. what do you make of julian's comments >> it's interesting when julian talks about the delayed stimulus as we get toward the end of june, some of this kind of initial sugar high that came in with this big stimulus package on the fiscal and monetary side. those start to lose a little bit of their impact. it will be interesting to see. as the country reopens as businesses reopen as they're 25%

50% full what does that do to the economy. i think that's what's reflecting in jewel yang's commentary we could have a correction here. that's probably more aligned with my view, listen, if you're inclined to buy dips in this market at certain times you need to be taking profits to raise cash so you can buy that dip this is not a terrible time to do that. take a little bit of profit, watch what happens let's see if there's continued infection rates. and then you can make a decision whether or not you want to deploy another 10 or 15% i think julian, we're on the same side. >> coming up, the race for a cure heating up today, we'll tell you before a double dose of headlines from two big drug makers shares of chipotle red host today after the company got a new street high price. you doing okay?

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transfer your service in minutes, making moving with xfinity a breeze. visit xfinity.com/moving today. we got a double dose of headlines today. let's get to meg terrell with all the details. >> let's start with eli lilly, they announced this morning that they dosed the first patients in a phase one clinical trial of their antibody treatment for covid-19 this is the first of this class of drugs to enter the clinic, and they derived the medicine from a survivor of covid-19. one of the earliest patients in the united states to have recovered from the disease it's an antibody drug used to treat the disease about they're beginning this phase one trial in about 32 patients this puts them ahead of

regeneron which is expected to begin human clinical trials of its drug this month. lilly accelerated those time lines. they have slightly different approaches will lilly is one single antibody. and regeneron is a cocktail of two different antibodies lilly said so far, what they've seen in terms of mutations, this antibody blocks against all of those. they say they're going to continue to look at it over to gilead that stock down today. even as they reported a positive phase three trial of remdesivir. it did show that those on a five-day course of the drug were 65% more likely to improve clinically versus the standard of care. while patients got a 10-day course, that was not statistically significant. analysts saying this further

shows that drug works, it does have a benefit the benefit isn't a huge one kind of further spelling out what we already know about remdesivir >> marginal clinical benefit, which really sounds like it won't even -- it won't be completely viable as the commercial product in that the demand won't be there because it's so marginal in terms of the impact >> the demand is there because it has some impact right now it's the only thing that's been proven to work, so the key question for gilead is the supply they're working off a donated supply and trying to ramp it up, and then we're going to hear over the next few weeks where they're going to price this medicine and there's a huge debate over where they should price it, and will they make money from this drug because brian's saying, this isn't going to be a big impact on them. for now, this is the only drug that's approved to have any

effect on covid-19 >> tim seymour, this is a conversation we've had time and time again in terms of how we view the company that seems to come up with the holy grail of treatment or vaccine that's amazing that's great to hear, but from an investor standpoint, is it going to be laroche and tamm ma flu all over again where it was an initial bump and then it tails off. >> gilead is that stock that is the proxy case to examine that, if we think about gilead, i think it's had a bigger impact for market days and for a cat lift to the market and some sense that we are going to get treatment. again, not vaccine and i think that's really the most important part of what these headlines have been about for any of them. whether it was abbott on testing

and even on some level as we got to the ma dern in a news this is a stock that's largely been sideways for two years. and this is a stock that's largely a very strong balance sheet. has dabbled in car-t looking at how to get hiv success stories. we watched how it went from being a driver to something that even if we had fantastic news tomorrow out of gilead, we wonder how profitable. >> coronavirus has been a catalyst for investors to get into the ibbtf that's why we've seen this leg higher wondering where you stand on it. >> overall, ibb has done really well year to date. it broke out of a three-year training range from that point it's gone to a b line which is the all time high we saw in july of 2015. it's at another difficult

technical level now after that run between that breakout. it's not cheap now, perhaps that doesn't matter, if we breakthrough this techniqcal level. i would be somewhat cautious and either way we're at an important price juncture here, i would watch it over the next couple days to see how it reacts. i don't think you can trade any of these names based on the headlines. sure, some might benefit in the near term if things go well. really, it's like throwing darts, it's going to be difficult to pick the winners and losers beforehand. gilead and eli lilly, they're just different stocks. 20 billion in cash, they have a lot of irons in the fire, some of those are going to need to come to fruition but at less than 12 times earnings, not a bad rilsing reward you have a stock like lilly where the earnings and the growth is much more apparent you're paying up for it. you're paying 21 times

lilly is perhaps the safer play here, but probably less upside a virtual walkout at facebook as mark zuckerberg comes under fire from employees. is social media in a lose/lose situation when it comes to handling civil unrest. a new all time high for zoom as the company gets ready to present earnings we'll find out what the options markets are saying

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the details. >> it's unclear how many facebook employees are participating in that walkout. facebook will not require those participating to use their paid time off to participate in this virtual walkout today. a handful of employees are tweeting, writing, i will be participating in today's virtual walkout in solidarity with the black community. this comes after a number of senior facebook employees tweeted their outrage at zuckerberg's decision not to flag the president's posts that could incite violence. when the looting starts, the shooting starts. we recognize the main many of our people are feeling right now, especially our black community. we encourage employees to speak openly, as we face difficult decisions around content ahead we'll continue seeking their

honest feedback. groups within facebook are currently working on a list of demands for management around this issue mark zuckerberg is hosting his weekly employee meeting tomorrow it was originally scheduled for thursday, but the company moved that up, we can expect that meeting really to focus on zuckerberg taking the opposite stance of twitter ceo jack dorsey who did decide to flag and put a warning on similar tweets from the president. >> thank you, julia boorstin there are so many layers to this conversation what is good for business. and dealing with what your employees want you to do they're a part of the facebook and facebook culture i don't know where you go first. >> yeah, so it's so difficult on this, because when -- i understand where facebook is leaning on this, if you start to fact check and you start to put out there what you think is the

truth. how do you know it's the truth isn't that up for debate it leads to another domino of questioning, so i think facebook said they're not going to do anything twitter is doing something and snap said -- twitter said they're not going to accept any political answer facebook said they'll accept them but they won't fact check snap said they'll fact check and accept the ads for me, i'm still in snap. once it breaches that $20 level. i think you have another 25% up side in snap when you get nothing but political head winds in twitter. i do believe that facebook is sort of walking that fine line right now. i understand both sides, but it's really tough to say, i'm the fact checker, and then you're going to be opening yourself up to a bunch of

different fact checks. he's doing the right thing for his employees and on the political front too. >> let's bring in gene munster from an investor standpoint, what do you want a company to do. >> you want them to do what mark zuckerberg is doing. and steve nailed it, this is pandora's box, and trying to regulate and legislate truth is impossible you will never please both sides. i've thought a lot about truth recently and even things that can be clear, may not be viewed as accurate from another perspective. the right thing to do what zuckerberg's doing this has -- the implications for facebook, the emotion and the change that needs to happen, if we just take it, for example, the -- where facebook stands, is that if they shift on this

topic, it will create a significant impact to the rest of their business. they do, it's important to note. they do police for hate speech and they do work with authority. there is fabric where facebook does some good the answer to your question is, i think zuckerberg is doing the right thing, he's going to be criticized, he should i think ultimately stand his ground. and i think this topic will not go away either we are years away from figuring this out >> does that mean by extrapolation that twitter is doing the wrong thing in terms of what is best for business >> yes and the reason is, ultimately you can face some alienation social platforms are by definition social. which is different than a typical media outlet because of that, you start to

skate around some edges, what twitter's doing, tends to have a bigger impact. the people that want to participate in the platform. so that's the risk the answer is, zuckerberg's doing the right thing. i think that there's even a bigger picture beyond the right and wrong here is i think that -- i don't want to take it to a higher level there's something that's just toxic about social media more broadly, and i think that some of that needs to be addressed. i don't know how you do that, but that's another topic that needs to be part of the conversation >> b.k. got a question. >> i do. for gene to me, this strikes me a bit, if you brought it out to esg investing. environment of social governance is there a difference -- i'm talking on the business. we're talking about how this impacts the actual dollars and cents.

is there a difference from what twitter is doing, which is from the ceo level, where as facebook, it's coming from your stakeholders, your employees, that may have a bigger impact on your business, than just a single ceo decision saying, i'll take the heat on this. if your employees are suggesting it, does that change in your mind the way that facebook operates >> i don't think it does the decision does come from the top. zuckerberg has control of the company. and so i think ultimately this comes back to painful topic, a lot of focus on it today, it makes a ton of sense ultimately, the best thing for facebook to do, all the employees longer term. they're going to upset a portion of that, that portion will be heard. but ultimately the best thing for the platform, in respect to the business of facebook, if you are in a for profitbusiness, which facebook is, the best thing, i believe, is for them to hold the lining, because at the

core essence of this, you cannot legislate or regulate truth. >> gene, great to speak with you. >> loop ventures jeff, you agree with gene? >> i do. i think the pandora's box analogy is a good one. you're also seeing some of what he's talking about manifest in the way some of these companies are functioning from a business perspective. you look at what has happened between some of the major ad players, what's held up where companies have pulled back ad spending are these direct response ads when you're driven immediately to another website you download an app, that's what's held up it's been google, it's been facebook snap has been invited to that party as well. and they've done well. 50% of snap's add revenue is being driven by this new trend of direct response ads twitter is not participating i don't know why that is, i think there's some fundamental problems there whether it's what we're talking

about here or some other probes specifically with the ad platform, it's all manifesting in dink fortunes for the way these businesses are able to handle this environment and how to go forward. >> i'm glad you brought up ads, that is the arbiter of how companies are doing. we heard today from a number of companies come out, tim, condemning the violence, the racial injustice, et cetera, et cetera taking a stand are these are the very same advertisers who might say, you knee what, facebook. we're not going to put that out there this time around. >> advertisers that want a stand of some kind because socially that's important to them so i think this gets back to, you carpet make both sides happy, and it's difficult to be the arbiter of truth, we're all talking about this the great irony for me is that facebook was largely vilified

for not being the arbiter of truth in the last election the other great irony is that facebook is pushing again to all time highs and was up 3% today while it was smack in the news for this issue it makes you get this sense that facebook, which d rated around the 2016 election in the sense of the aftermath of that, we couldn't calculate the cost to our business for security and privacy issues the market is rerating this company now. you're taking a clear stand of not taking a stand anyway, it's been an extraordinary couple days for facebook trading historically, i would have thought this would have been something that would have pushed it down. taking off after months of struggles. why one airline etf is seeking a surge. a historic launch for spacex for the future

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up up and away according to back set. jets held $33 million in assets. today, it holds 950 million. is it time to get on board with the airlines i know all of you guys are jazzed about the sector. i'm going to go no it is not. longer term i just don't see it, look at the environment we're in one thing is international travel that feeds into a lot of these domestic airlines, delta is exposed to international travel.

i don't think that's going to happen any time soon they still have too many pilots and too many planes. the one thing that a lot of people don't talk about with this is that rv sales and rentals are going through the roof once you buy that rv, you're traveling around the country in that thing i think i am a seller of this. >> i think wfrv might be fun to do i mean, driving around and broadcasting facts from wherever there's an argument to be made in terms of the kind of airline you invest in, and one thinking goes, if you have an airline that depends on the hub kind of model, where you fly into an airport like atlanta those won't do aswell as the point to poin direct flight airlines, because people won't want to transfer. the transfer schedules will be really tight things change when there are

temperatures to be taken and things like that >> yeah, so i think what you're looking at, i look through the prism of domestic versus international, the way you laid it out there, i'm still long, a spirit airlines, i think you have to look back on all these charts, and look back to may 4th. why may 4th? that was the date of the buffet selloff. and shortly after that, one of the airlines would go out of business by september. if you look at domestic versus international. you're going to be left with a bunch of carriers that will probably come back sooner, because domestic is definitely going to come back on line sooner than international. we get back to the ctf, the etf has all the top names, the top four holdings, when you look at that, it's got 42% of the fun in those names. the best balance sheets were delta and southwest.

when you come out, they will still be the best on the balance sheet front. those are long term investments. the bounces are the domestic players. >> jeff, i have a question for you. would you invest in airlines or boeing, or neither >> yeah, i'm going to have to go would none of the above. it didn't seem to work too well in school. it's too risky right now, i do -- i'm going to approach the airlines from a corporate travel perspective, we've had this forced technology experiment where we're all working from home companies realize, mine included we can be efficient and not shipping people all over the country opinion i think there is an argument to be made that people are going to fly again. but perhaps the future looks different enough that it's going to be a more permanent head wind for these airlines thinking about the names, steve mentioned delta as an example. they have a stronger balance sheet, they have less debt they have about 50% of their revenues derived from premium

cabin seating. i would imagine that makes up a fair%age of that cabin you can see an impact on the airlines i'll put my macro economic hat on ultimately, this is going to come down to an employment situation. you know, as we think about people getting back to work and getting back into the labor force are they going to travel are they going to pay for plane tickets. 18 million of the 21 million people who reported being unemployed said it was temporary. now they're saying that permanent unemployment is going to be more like 42%. maybe the truth is somewhere in between, i think it's going to be important to see how much of the unemployment we're seeing right now, is actually temporary. my guess is, it's going to be more than orge reported. >> we may be in an environment where tickets are more expensive because of the social distancing

where do you stand onairlines? >> if people are making an etf call on the sector, that makes sense to me. they're making a diversified thematic bet that things were done i think it was thursday or friday on airlines signaling greater clarity, greater insight into there has been the beginning of some turn around. not just clarity, but turnaround in terms of where they're seeing capacity cut backs everything these guys are talking about is the most profitable part of the business. those are things that are going to come back more slowly if i was investing now for the long term and etf's often. there's a lot of buzz words in the etf community. to own an etf that i am sure people are going to be flying dramatically, certain 4ri at rates significantly higher from where we are in the next two years, that's why you would be investing in something like this, that's an extraordinary

move but investing in this sector now at these lows, where you prices in those kinds of bottoms that steve talked about those are important days coming up, shares of chipotle sizzling. what's got wall street so hot. zoom ahead of an all time high options traders are betting on an even bigg rlyeral eighty dollars. a hundred dollars. i had good health insurance. why isn't this covered? well, then they started getting bigger. eight-hundred dollars. eighteen hundred dollars. i saved for this. but not that much. i'm glad i had aflac. they gave me money when i needed it most. that's why aflac is here, to help with the expenses health insurance doesn't cover. i love that aflac duck. aflac! get to know us at aflac.com

chipotle shares soaring today. 38% higher than 870 original target they continued a ramp in same

stores sales growth. the 2022 expectation may be too conservative because of the mixed shift to digital. >> yeah, i -- well, that's exactly it i think in this environment, if you look at the restaurants that are similar to chipotle, it's all about this digital ordering, and the curbside pickup. they're pretty well suited for that, they have that line you need to stand in if you go into their app, you get a pretty good experience there. i think they're actually benefiting anything with a drive through is benefiting in this environment, and i expect that to be a shift here, that as more people get comfortable using that continuing tal product they're going to turn to use it going into the future, and chipotle has done a pretty good job here. of all the things i've been sore tonight on, you have to take profits and watch out for airlines, i think chipotle is not so bad >> the stock and the food.

i'm taking brian kelly >> yes >> actually. i think -- i've been eating a fair amount of it since there's one across the street from me. it's the only takeout i can get. >> i know which one you're talking about. i was talking to mike a month ago. he favored the drive through trade. those companies that are best suited to doing business in this age, and it is the drive through. >> it is but that's a lot of burritos until 2022 and at 87 times trailing, and, you know, as the viewers of this show know, i've not understood the last 300 or $400 of this move but i still think you have a dynamic here i get higher unit sales, higher profitability. and higher profitability on unit growth is what's being talked about. the stores are showing mid single digits. low teens growth numbers but for how long and i think

that there's a dynamic why are we rewarding chipotle and what we see from a lot of analysts is this glass half full in assessing the rebound based on partial capacity. we're also rewarding those companies that favor cooking at home and spaces and the companies that are basically going to benefit from a secular change in how we cook and shop i don't think you can have it in both ways. i don't think the valuation is supposed to go higher, despite the fact that the tremendous work that the ceo has done on the digital and the ordering and the loyalty programs, it's not enough to take it higher here. >> coming up, shares of zoom speeding higher. options traders are recommending this is only getting started need better sleep?

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zoom zooming to an all time high today the company announcing new security features while analysts upped their price target on the stock. options traders are betting this record one is just getting started. hey, mike. >> so zoom saw more than double 9 average daily call volume today. the options market is implying a move of about 30 dollars higher or lower

speculative options traders were betting the rally could continue the most active were the weekly 200 strike calls they closed substantially higher because the stock closed close to its highs those traders are making bullish bets the stocks are going to rally out of earnings tomorrow for more, tune in to the full show. coming up next, final trades opinio ♪ ♪ ♪

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. an out of this world interview coming your way tomorrow nasa astronauts will be on cnbc to discuss their historic launch

into space be sure to catch that tomorrow 9:30 a.m. eastern time time for the final trade with jeff mills after the run, i think louisiuln is a stock worth taking a look at stock looking a little bit ahead of itself here. >> brian kelly >> you know, i still like gold, but it's interesting, as gold was down, that other medal, silver was up for today. i switch my gold for silver for a trade. >> steve grasso? >> i'm sticking with the airlines spirit airlines is up 100% since the middle of may. i think you can get another 100% out of this in the next couple months save is the ticker symbol. pgh what do you say? >> i got so much to say, mel >> you got 30 seconds. >> he's talking about -- how

about the little yellow medal. how about the move to almost close to 250 today i talked about the dollars pulled back, and what that means for miners i think this move continues along with reflation in resources. >> that does it for us see you back here tomorrow at 5:00 mad money starts right now. my mission is simple, to make you money i'm here to level the playing field for all investors. there's always a bull market somewhere and i promise to help you find it. "mad money" starts now hey, i'm cramer. 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 but to educate and teach you call me 1-800-743-cnbc tweet me @jimcramer. we have protests all over america, then many places turned into riots what does the market do?