cuts to 15% after a year >> thanks so much for that thanks, everyone, for watching "closing bell" today we are out of time "fast money" picks up now. ♪ "fast money" starts right now. tesla gaining speed. plus, we're talking with the ceo of ripple. we' later deal drama in the mega mall merger that may have just gone bust. we start off with the fast track on the data. 100 million reasons why the stock market may not be telling the true story about this economy. americans skipping payments of more than 100 million loans in

may including everything from student loans to car payments to mortgages, the number more than triple that of april it's the latest sign unemployment benefits and stimulus checks aren't enough to fully cover the expenses what happens to the consumer and the economy and the stock market >> it's not good it's something we've alluded to for a while. go and look at wells fargo's first quarter they reported in the middle of april. they took a $14 billion loan loss provision which was up 413% year over year by the way, when they report i think in the middle of july, that number is probably going to go up again and further anecd e anecdotal proof that wells fargo is trading below tangible book

value. the banks have been trying to tell the story, but the broader market has sort of been impervious to it until recently. we'll see. again, i'll say i am not all that optimistic about where the consumer is 6-9 months from now. clearly i hope i'm wrong but behind closed doors, a lot of companies are saying we've learned to do more with less, let's continue this moving forward. >> stimulus won't last forever deferments and forbearance don't last forever what happens then? >> they get extended remember, we're in an election year ugly, but it's not going to end any time soon. this close to all-time highs, you've got to still be buying

the market i don't think it's about a program right now. i don't think it's about the economy. i think you hit it last time i was on the show. it's about bridging that gap between now and when things normalize. if you can say that the fed is going to outweigh it, the stimulus is going to outweigh it, politicians are going to outweigh it and we're getting closer to a therapy or a vaccine, buy the margin. >> karen, what do you think? the banks obviously will see the first immediate buy-in whether or not the consumer is going to pay once the deferment or forbearance period expires what do you think is going to happen >> well, i think we are going to see once this round expires, i agree with steve i think that bridge will get extended further some people are just not going to be able to make those payments regardless of how far

the bridge goes. for a while i thought there was a disconnect between the rebound in the stock market more broadly and the rebound in the banks, which has been much more muted i think those two will need to converge at some point, whether that's the market goes down and the banks go down lei do think that a lot o the student loans are government backed, mortgage loans are government backed. i think there is somewhat of a net there, not that it wouldn't be really ugly in the interim. but i also think the banks came into this really well capitalized and i think we are going to see big provisions. we saw one the first quarter we'll see more but i think that's why the stocks are here, because the anticipation of big provision. so i think that some really bad economic data is priced in already. >> tim >> to the banks, not necessarily

to the market. >> jobless claims this morning didn't give you a lot of relief. it's kind of on again/off again in terms of the macro. it's hard to disagree with everyone's assessment that this is a bridge to the other side and that the consumer on the other side is probably going to be, look, we went into this at peak employment and we went into this at a place where consumers had started to see some wage growth and that was very encouraging. if you look at the stocks that have rallied in the market, yes, banks have not taken part and have underperformed meaningfully i also just think that consumers or creditors or debtors can be opportunistic in this

environment. i think anyone who has the ability to withhold payment will withhold payment people holding onto their money as long as possible is also a function of all the forbearance and all the relief that's come in here. i'm not sure we're getting a real read on where the consumer is able to pay these loans or whether they're putting them off because they can i think you have to be careful on that side of this trade in the same way we're talking about the consumer who in many cases is making more money with unemployment than with their regular salary >> there are a lot of things going on right now which distort the picture. ppp prevents businesses from right sizing their business at least for right now. we have the stimulus checks which are sort of inflating what consumers have in terms of discretionary income you have forbearance and deferrals which allow consumers to not pay certain loans and maybe have a little bit more discretionary to do other

things does that bridge bring us to the other side to figure out what some of those consumers will never be able to pay >> yeah. i think the people that came into this strong will leave strong i think there's been an overlay that if you turn on the news or listen to these programs, you're incentivized not to pay. you're incentivized to hold onto your money i think people are i don't want to say synthetically holding onto the money that don't need to, but there are people that can make these payments that aren't, there are people staying on unemployment that shouldn't and i think they're stronger than we think they are and they will be stronger on the other side. >> some subset of people without there won't be able to pay artificially right now they're okay and they can open up their pocketbooks and retail sales can jump but when these programs end,

that's over. >> that's over and it has to end. listen, full disclosure, i mean, again i think people who watch the show and i know you get tired of hearing me say it and i'll say it again for the 100th time, in my opinion some of the biggest villains amongst many of the century are going to be central bankers. go back to that jerome powell 60 minutes where he was asked where does this money come from and he essentially said created out of thin air that infuriates people part of this is at the foot of the fed. w pay say why should i pay my bills when they can just create money out of thin air? i don't think that's discussed

enough if it happens again in terms of another round, it's just going to get worse that cycle, that circle will become something you can't extricate yourself from, in my opinion. >> i agree with guy. we're equally frustrated as peers on what the fed has done in overstaying their welcome in the context of this question, isn't the fed going to nationalize their debts as well? i mean, are people not paying student loans because they think at some point the government is actually going to take them on i hate this. that's part of central bank's overstaying their whaelcome and nationalizing the consumer balance sheet. i think we're going to see a lot more of that in the fall. >> karen >> the fed is funding that debt

that the treasury will need to take on. i agree with steven that it's an election year and i think the possibility of us not getting any more sort of candy is very low. i don't want to bet against the fed even though i think th market is high given where this economy is >> loan defaults creating more turmoil in the economy >> you said this is not a good reflection of where we are. >> i do think the data is a step in the right direction it's more of a temporary improvement. consumers were facing an extreme amount of pent-up demand so you saw a bing in may after an equally downsized april. look where we are in the longer term consumption is still down 8%

from pre-pandemic levels in january. on the waiver side, yes, we did add surprisingly 2 million jobs in the latest report in net we're still at a loss of about 20 million to get to a longer term sustainable pathway to recovery, it's going to be slow and bumpy and quite a ways before we can talk about a sustainable improvement. >> as an economist, lindsey, what point in time do you think you'll get the data points that reflect the true state of the consumer and the economy is it a month, three months, two quarters >> i do think the data right now reflects the true state of the consumer, but it's very volatile the consumer is in a very volatile state, dramatically shifting their spending patterns month to month

it reflects the chaotic nature of the consumer at this point. i think what you're getting is when do we see more stable data points to get a better sense of the underlying trend i don't think we're going to get that to closer to the end of the year or 2021 and we start to see some stability in the economy and we start to get some stability in terms of the labor market as businesses reopen back to a more normal level of capacity in the marketplace. right now we're talking about some businesses reopening, some waiting until the restrictions change to a 100% capacity. there's still a lot of volatility in terms of how business is going to function in the marketplace. i don't think we're going to see that true level of calming trend until sometime at the end of the year or next. >> in terms of loans, i'm curious as to how you take a look at this figure of 100 million loans that aren't being paid in the latest month and also what the ripple effects of

that are what was interesting in this "wall street journal" article is that they noted that in doing a credit score, missed payments are noted and are factored in but not loans in deferral of some sort. so a bank or a lender could look at the state of a consumer and may not be getting the full picture. i ask this knowing you are a former mortgage analyst. >> i think there's two diverging things in terms of the consumer sector on one hand there are millions of americans skipping payments particularly student loans, auto loans. this reflects both increasingly favorable terms in terms of the debt holders it's also reflecting reduced financial conditions in terms of the individual and the household. the pandemic has brought millions of businesses and workers displaced. on the other hand, we're also seeing americans pay down debt

at this point, particularly credit card debt this is more a reflection of reduced expenditures because we have been in lockdown for the past several months. but we're seeing favorable unemployment benefits, stimulus checks, other government programs some americans have benefitted from that and they're taking that opportunity to pay down debt levels. we're seeing two very different themes when it comes to the debt market some may emerge from the pandemic in stronger financial footing while others may face increased financial ruin. >> thank you >> karen, especially the banks are preparing for the stress test next week how do you view how they're going to do in these tests and whether or not there might be extra stresses put on them in this process this time around? >> well, i think the stress tests were obviously put in

place post 2008 crisis for terrible scenarios and we actually are in one. however, sort of ironic is ever the stress test were to give banks a little more room and be a little easier graders, that would be now because they really want those banks to keep functioning. i don't know we talked yesterday about the idea of jp morgan having a dividend cut priced into their options. i really don't think so. i think we're going to see goodmagoo good marks across the board in this stress test i hope it helping bank equity. >> tesla upping its price shares. it's interesting to see stocks trade up in today's session

the chinese equivalent traded at an all-time high on record volume guy? >> tesla befuddles me and i understand it but a lot of people get it and i don't. what i have seen for the past month or so is the comments going pack back to the presiden interview in january where he brought up elon musk ever since that point the stock has only gone higher in further proof in terms of how impervious the stock is, $700 at the end of may elon musk said the stock was too expensive. now we're 43% or so higher >> grasso, is this one of these

trades where we hop on board and enjoy the ride >> yeah. you have to hop on board and enjoy the ride i'm a little concerned over the nosebleed territory, but you could have said that all the way from the price where they raised money at 767 or there abouts the stock, its ability to work off overbrought on an rsi is phenomenal if i look at the chart now, it was overbought at 1,025, traded down to 990 and worked off the overbought status. it's no longer overbought. remember, they had a head start. we are talking about all these names pre-pandemic we talked about all the competition, ford, gm, bmw but all of those car companies took a stutter step. tesla has been keeping at it while the other ones are making

face masks and inhalers. what you have now is tesla spread the gap between them and tesla. i think you kind of ride this one out, look for support in the name it's obviously around the 20-day moving average is 900. so you have a lot of room between here and then but that's your exit strategy in tesla, keep playing higher and play it for a 900 exit on the way down. >> we are just getting started here on "fast money. we'll hear from the ceo of ripp ripple first, kim kardashian and harley quinn, what do they have in common need better sleep? try nature's bounty sleep3, a unique tri-layer supplement that calms you, helps you fall asleep faster and stay asleep longer great sleep comes naturally with sleep3. only from nature's bounty. can i find an investment firm with a truly long-term view

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. spotify soaring today to a new all-time high following a report that spotify has signed an exclusive deal with kim kardashian west for a podcast exploring her work with wrongful conditions dc comics stock has gained more than 70 prn% this quarter big things happening at spot apparently grass owe, wh grasso what's your take? >> it's nosebleed territory. the viewer can do whatever they want because the exit is up to the customer when you look at podcasts, the headwind that spotify had was amazon because if amazon got in here, it was going to kill everybody else in the space. that doesn't seem to be happening. when you look on a chart, we're

not out of gas just yet but it speaks to the positioning here that no one thought it would rip this high this fast. i saw unusual option activity about a week ago that's why i bought it i'm staying long just a little bit longer. >> guy, quickly on spot, your thoughts >> great call by steve if he says take the money and run, you have to listen to him >> check out shares of kroger falling into the red today shares of the grocery chain are up more than 50% from march lows karen, what do you make of this move >> i think that's the part that being up so much from the bottom is really, you know, i think there's some disappointment they're not giving more guidance on the rest of the year. i don't know how anyone can give guidance, actually

remember back a year or two ago when the amazon threat seemed to be an insurmountable obstacle. the business is doing a good job but that business has such thin margins that it's not for me i don't own it. >> take a look at u.s. steel falling double digits after the company warned of second quarter losses the company raising $429 million for a common stock offering. >> the story there is a company that has enormous both gdp sensitivity but a levered balance sheet going into covid-19 that was part of a three-year trend really and a trend that some of this was trade war and the irony was we were protecting steel companies and throwing tariffs u.s. steel went from $45 down to

$5 they're not unlike so other companies we spent time talking about in the last month that if they can raise money here, they will it's about having liquidity. i believe in the trade to be clear, this is a stock that i think has a lot of kind of default dynamics priced into it and i don't even think they're close to that. they raised money defensively but it's not a trade for the feint of heart they're not going to have the financial distress that the balance sheet is priced in. >> i agree with tim. he nailed it i was going to mention prior to all the talk about trade wars and what have you, u.s. steel was a $43 stock headed probably

to $50 all the steel stocks were crushing it. now you see where they are a year and a half, two years later. it's fascinating quickly about kroger and i hear what karen's saying, it's actually a very good quarter margins were much better operating income was $950 up to $1.4 billion now the only reason the stock is lower is because they didn't want to give guidance. i think you buy kroger on this we weakness at leaf blowers. you should be mad your neighbor always wants to hang out.

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welcome back to "fast money. we are learning new details tonight after a 20-year-old robinhood trader took his own life kate >> this is an awful situation. alex kerns telling his parents in a suicide note that he had lost hundreds of thousands of dollars on the trading app robinhood. the college sophomore was studying management and had a growing interest in markets. alex had racked up a negative $730,000 cash balance. but his cousin says alex may have misinterpreted what he owed it could have been reflecting the other side of an options trade that had not yet settled

this tragedy underlines the risks of complicated derivatives especially from the flood of new retail investors we're seeing this year. h >> has robinhood said anything about this death >> they have reached out to the family and they are looking into the way that they offer options trading. we don't know what that looks like yet and they wouldn't tell us any of the details about the account. but they could end up changing the way they actually do options. like we mentioned, others in the industry have similar obligations of putting out a questionnaire or some sort of requirement and survey of what type of trader the person is and their account balance and other things like sophistication before they approve the trader for doing options. >> kate, thank you kate rooney. kerns was just one of 10 million

robinhood users. that number continues to fwr sss retail trading picks up. a site called robintrack uses information from the platform to track the latest trends among its users. it's become a key resource to money managers and traders alike. joining me is the founder of robintrack >> thanks for having me. >> this was your side project in college. i'm wondering how you got in idea. >> i'm a robinhood user myself i noticed they didn't give context. all we saw was the current number i saw a couple of other tracking websites in the past i saw the opportunity to do it i was just curious for the most part and robintrack was the result. >> i for one check robintrack almost every day to get a handle

on what's going on in the retail trader brain i'm wondering how you've seen traffic pick up throughout this pandemic. >> there's been a dramatic increase in traffic, multiple hundreds of percent of increase. there's been a lot of people trying to get a better idea of what retail traders are up to. >> casey, it's tim seymour thank you for joining us i'm curious in term of some of the trends in terms of time of day, in terms of frequency, number of times per day and how some of this has changed since the crisis tell us what you see. >> so robintrack collects t s s popularity of every stock on the brokerage every hour and the number of unique accounts that hold the shares. i've seen a lot of changes happen dramatically after earnings events or changes in

price. >> it would be interesting to know what time of day retail investors, are they jumping in right at the open or when you see the most momentum in the market it's very important to trading and how you want to be tactical on your own. >> there's often a lot of activity right at the open and right before close that being said, the things that drive changes like news events or social media trends, yeah, it can vary a lot >> casey, a lot of institutions and hedge funds have expressed interest in using this data. do you get a sense of how they're using it and are you worried they're using it at the expense of a retail trader that perhaps they are riding momentum and selling and letting the retail trader hang on? >> a lot of these big institutions get this data

through other means. they get overflow directly from the brokerages the thing about robinhood is that it gives a broader access to it. there's a lot of people collecting data or using the data download at the bottom of the website. at the same time a lot of these different firms and brokerages or institutions would have this data some other way. the fact that robintrack provides this is a net positive for theretail traders and non-institutional investors. >> you think investors can use the data in order to trade better for themselves just knowing where the momentum is? are you feeling in any way way concerned, the fact dwthat you' an experienced trader yourself and having the sense to know that tracking this data is

important, but there are a lot of newer traders in the market now. a lot of the biggest changes that you track happen in five letter stocks. >> that's true so robintrack is just a tool it's data. we can use data for constructive purposes you can use it to push a bias of your own in my opinion, having more data is almost always a good thing. it's just another tool in the arsenal of traders trying to get a better handle on things. it's up to them how they use it. it's a valuable thing to see how the other retail traders are acting >> last question to you before we let you go. are you making money off of this >> i'm making money off advertising on the site, but i will never and have never

charged money for access to data i provide all the data i collect freely and still continue to do so in the future. >> casey, great to speak with you. thank you. >> thanks for having me. >> we talked about the arrival of the retail trader and the importance of the retail trader. i think there are a lot of different views on the impact of the retail trader on the market. >> we talked about the fact that don't underestimate the notion that with sports not around people are going from their sports gambling to the market. i think like him, hate him, dave po portenoy introduced a lot of people to the market, for better

or worse the story that kate spoke about is a tragedy think about the number she mentioned. his account, you're talking about three quarters of a million dollar s on one side, potentially the offset in options on the other side. this is a young person how does this happen in the first place? it's something that tim mentioned the other day. it's one thing to have $5,000 in your account and if you lose it, you lose it, you live to fight another day. it's another thing to have $5,000 in your account and have the ability to margin it up. that could be catastrophic that's what we're talking about here people should understand the difference between the two. coming up, mall operator simon property may be having a little buyer's remorse over its deal with taubman centers. and the changing car market inmeca ari when "fast money" returns. re's bounty sleep3, a unique tri-layer supplement re's bounty sleep3, that calms you,

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the mall deal drama heating up taubman isn't taking the deal with simon properties lying down, saying simon knew there was a pandemic in february so it can't have buyer's remorse now simon says the pandemic has depd disproportionately affected things and it can pull the plug. three points you want to make in defense of this deal, karen? >> the main one is that simon has the overwhelmingly better argument given the strength of the merger agreement, right? one of their arguments which was

that they allege that simon in march knew of what their budget would be for 2020. another one is that simon cherry picked competitors to compare simon to that really shouldn't have been competitors like a walmart or home depot. they're not in the luxury mall space pap the third one is taubman is saying they haven't shown any reason that we've hurt our long-term ability to make money, they haven't shown that so the most important thing is that there's no question simon has a very bad case of buyer's remorse because this is one of the worst timed deals that i remember for i don't know how long it's obviously february was not the right time to sign a huge mall deal with a gigantic price.

no wonder they have buyer's remorse. i still ultimately think that a deal will get done maybe it's a cut deal or maybe it's possibly even the original deal we'll see. we'll get something from the court no later than august 24th but maybe sooner. >> basically you think tough luck, simon property, that all your arguments are pretty flimsy. >> yeah, tough luck. >> in the history of malls, february 9th to sign a deal just before the precipice of a pandemic where this is a carveout in the takeout agreement around pandemics it's remarkable, tim >> if you look at other mall operators it's a difficult time. i'll let the merger folks, this deal's been pretty interesting

simon obviously had a 65% move on speculation they might be able to break the deal, now some of that is coming off. for people that are assessing this big trend here, think about the housing market and the home builders and that trade in 2008 and 2009 it was obvious what was going on in the housing market and you still had plenty of opportunities to make a call i'm not saying rush out and go short mall operatorsand commercial realit estate. the commercial real estate environment has a terrible setup. a lot of these names have suffered enormous pain and drawdowns. if you think about the change in consumer profile, look at all the e-commerce data we're getting. mastercard just said we're up 93% in e-commerce. people are not going out to the malls. there's still more to do. >> guy, quickly what would your verdict be if you were in that

courtroom? >> i mean, it seems pretty ironclad i think some of the lawyers have wrote up these documents on the show before, if i'm not mistaken but i don't litigate for a career, so i will hold off on judgment what i will say is this, i'm sort of with tim on this whole thing. not only was the timing bad, the setup going into this was horrible as well six months ago before anybody even heard of covid the environment wasn't all that great. if you look more and this is sort of circumstance spepect toe led the show, mall of america is behind on their payments i'm hard pressed to understand how this rectifies itself and we get back to any semblance of a year ago i just don't see it happening. the stock is going to be hard pressed to go higher. coming up, ripple making its debut.

brad garlinghouse makes his return to reveal how ripple is shaking up the payment space plus, twists and turns in the auto market. when the world gets complicated,

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we have a market flash on marathon petroleum. >> it's about 3% in after hours volume this is on dow jones headlines saying that marathon petroleum, the refiner, is looking to proceed with potential buyers of its speedway gas station units

they are trying to sell it it could hold a valuation of $1 $15-19 billion in the pre-covid estimates. it looks like it's restarting things trying to get this speedway unit sold or spun off to shareholders or the public in some way, shape or form. that's why it's up about 3.5%, 616,000 shares in after hours volumes. >> we do see the pop here, 4% now. steve grasso,what do you make of this news >> as don said, there's a bunch of things that go into the calculus here. energy is somewhat uninvestable. but when this thing pops, it's almost a triple off the low that we've recently seen and the stock is still down 36%. that should tell you us. cnbc is out with our disrupter 50, a list of 50

companies shaking up the industry and reforming the way they operate ripple making its debut on the drug disrupter 50 list brad, welcome to "fast money". >> thank you for having me despite the weird times. >> very strange times indeed on this day you're also making an announcement yourself in terms of your backing of pay id. can you explain what this is and why this sort of simplifies how crypto had transferred money in the past >> absolutely. at its core ripple has been all about enabling what we call an internet of value. let's make all of these different networks that don't talk to each other interoperable. we've all had the experience where you ask a friend, i need to pay you, are you on venmo when i ask for a phone number i

don't say are you on at&t or verizon. i just get the phone number. the idea on pay id is to be able to send somebody money as easily as sending an e-mail i don't ask them are you on google or yahoo, i just send anne mail. if you're an account holder there and i send you money, it should be as easy as typing brad dollar sign garlinghouse whether it's going to a bank orbit coo or bitcoin, all of this naming structure can be simplified and interoperable. >> i want to understand what and who this disrupts. what do you see as the main user of this technology is it consumer to consumer money transfer or ultimately could it be a company paying another company for, i don't know, buying a unit of theirs or inventory. how big could this be?

>> let me start by saying that the word disruption, i actually don't look at this, we're thrilled and honored to be on the disrupter list disrupt can be a word that's overused in silicon valley to some degree it's not about move fast and break stuff, it's about building, it's about partnering and enabling. when i think about pay id doing and what ripple is doing overall, how we partner with the industry and make it more efficient, how to make it better for consumers and small businesses what we're seeing with pay id is not that it's going to disrupt a bank, it's going to make them more efficient it's going to make it easier for consumers for small businesses if it can reduce the friction of payments, we actually can unlock a lot of things we don't think about, micro payments, science fiction, blade runner kind of examples if the friction of payment goes to zero, it's going to bring

people into the financial community that are under banked or unbanked. >> great to see you. >> matt garlinghouse you can find the full disrupter 50 list at cnbc.com. karen, a lot of ripple's customers are in fact banks. he makes a good point in removing that friction of transaction. >> right well, that makes sense this is more evolution than disruption i'm wondering on a related night about in this post-covid world, people are probably going to want to use physical cash a lot less and have touchless interactions i wonder if that will improve the adoption more quickly of some of these other payments. >> coming up, how the auto markets could be revving up for

a big breakout

welcome back to "fast money. today cnbc is launching "america

at home" a brand new series that takes a look at the way american life and businesses have changed during the coronavirus pandemic, the ways we live and work, how we communicate with friends and family, how we travel. even the way we stay put has changed dramatically more on how that is impacting the auto industry. >> a lot of people thought that once we had people sheltering in place, there would be terrible auto sales jd power tracks retail sales on a weekly basis look what it was on march 29th, down 59% you know where it was for the week thaeen ended on sunday the down just 4% despite of the fact that we're seeing lower percentages at the dealership there's strong demand for pickups and suvs but are more people coming in because they've decided i'm not

taking mass transportation, i'm not going to car share anymore, i'm going to buy a new vehicle toyota did say there are reports from some of their dealers that they are seeing more first-time buyers or people who didn't have a vehicle and are now getting back into the market you are seeing the impact of people saying i've got to find some other means for getting around the average price for a used vehicle $21,752 cost to costs automotive 40 million used vehicles were sold last year that was a record. two you want to watch sonic automotive which came out with an update talking about improving sales in the month of june and car max reporting its earnings tomorrow morning. we'll see what carmax has to say about rotating into used vehicles and sheltering in place and not using mass transportation or car sharing, whatever it might be.

>> as people may know, phil, i don't really drive i live in new york city. but a used vehicle priced on average at $21,000 or more seems kind of high i'm wondering at what point do consumers say instead of paying 21,000 for used, i'm going to pay an extra 5 grand for a new car? >> you'd be paying a lot more than that. the average price for a new vehicle, and this has been driven up because of pickup trucks and large suvs, the average price for a new week you're getting up in the range of $36,000 that $21,000 actually is a loan gap between new and used it keeps expanding a little bit. but that is the difference if you're saying i'm going to pay a little bit more for a new vehicle. you're actually paying quite a bit more. >> don't at me i'm out of touch on this front i will admit it, i don't know anything about vehicles.

guy, i feel like i should go to somehow. >> there are a number of directions i can take this conversation, none of which are good i will say this, fascinating. they closed at 98 today. go back and look, the prior all-time high was 101 back in february i think you wait and see what they say it's breaking out to the upside and it's not an expensive stock. i think carmax is fascinating. >> the stock has doubled since march lows mike, kh mike, what do you see? >> bullish bets outpace bearish ones by 2-1. it's implying a 6% move. a lot of that activity was concentrated in the $100 calls

that expire tomorrow there's obviously bets on earnings buyers are betting that the earnings will provide good news and you're going to see further upside. time for the final trade tim? >> used cars and fixing up your house. look, the diy trades, the home improvement, lowe's is one of the great stores of the last five years there's no reason it's going to stop now >> karen >> it's too little too late for hertz but used car prices are good for them. that's not my final trade. it's that the consumer is still there. tjx is where to go for a bargain. >> spotify, the june 30 calls expire tomorrow. i think you're going to see a magnet for that price and maybe you pop through it spotify. >> guy >> if anybody has a 67 black gto

convertible, let me know, at me. kroger, i think the weakness is wrong. i think kroger goes higher from here. >> thanks for watching "fast." see you back 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, put it in context call me 1-800-743-cnbc or tweet me @jimcramer maybe this market got a new brand of mouthwash, because it keeps gettin