and be able to pay dividends as already planned. we'll have to wait and see, obviously, as the numbers come out. yes, they're going to trade down a bit. we'll see more details overnight. >> session lows coming back in the after hours sessions already. tomorrow we have an interview here on the show with the imf manager director kris, the alina georieva >> we're out of time "fast money" next. "fast money" starts right now. i'm melissa lee. coming up on "fast," nike lower after reporting a big miss the company's earnings call just getting started. we are on it. also ahead, disney under pressure as the company delays reopening its california theme park we will break down the fallout plus one top technician says it

is time to double down on this red hot sector what it is and why the charts have it feeling so bullish. the fed's stress test results are out. >> the fed is requiring large banks to limit dividends and buybacks after analyzing their resiliency during the pandemic the fed said that for the third quarter it is suspending the firm's share repurchases, capping dividends and allowing them to proceed based on a formula derived from recent income the largest banks had already ended buybacks through the end of the second quarter but this actually takes it a step further. the fed will reassess those plans on a quarterly basis for the first time in ten years of stress testing, banks are required to resubmit their capital plans later this year to reflect the current environment. the vice chair notes there is material uncertainty about the trajectory for the economic recovery and its impact on banking organizations.

not all governors agreed to let the banks continue layouts even if they're limited one governor does not support giving the green light to support banks to deplete capital. informing this decision by the fed was a covid sensitivity overlay for their traditional stress tests where the fed tested the bank's viability under three hope thet cypotheti recoveries in aggregate, the fed said loan losses for the 34 banks tested amounted to $560 billion to $700 billion dollars. aggregate capital ratios declined 12% in q4 they did not break out the results of the covid analysis in the individual banks but

investors have been drawing their own conclusions with mixed performance depending on the banks. >> leslie, thank you a lot to think about there in terms of how it affects the bank trade, but there's also this to think about. take a look at what david ellison said just a few moments ago. >> they're really inserting themselves and basically acting like they want to act in the sense that these companies are effectively nationalized and we're seeing the effect of that today in what they're saying so they're worried about the economy. they're going to be more worried about the economy than the market is. again, i think we heard powell last week say he was worried now it seems like we're hearing that again this is going to be an ongoing thing. the banks are going to be battling this for the next couple years. >> so they were effectively nationalized according to this bank investor.

guy, what does this all mean for the bank trade >> it's interesting. i don't know if i'd go that far that the banks are being nationalized but i respect the opinion on that. what it means for the bank trade, i don't think the value proposition or the reason you wanted to be long on jp morgan was because of the dividend or their stock buyback. i understand as a headline this is somewhat shocking although probably not all that surprising, quite frankly. i think a lot of people probably saw this coming. i think the bigger headline was the reason i thought the market rallied in the first maplace, i think that's why banks had the big run. i still would submit the following. we're pretty steadfast on this you're looking for opportunities to buy a name like jp morgan on that, a second potential runup to 115 we've done the math for you. 115 for jp morgan is putting a

1.8 multiple on a $62 tangible book i don't think this is the reason to be bearish the broader market, although you know i am but i do think the headline is probably going to concern some people. >> karen, you've been a long time investor in the bank specifically, certainly not for the dividends or the share buybacks you already knew they were going to suspend buybacks at least for this quarter how do you factor this into your investment thesis? >> i mean, i guess it makes sense that they say let's see how the year unfolds before we decide whether or not you're going to be allowed to pay your dividends or at what level you'll be allowed to pay your dividends. that sort of makes sense to me what is going to be more important, i think, is how bad are the provisions for lone losses going to be in this quarter and how bad are they

going to be given that we are having difficulty reopening. i thought that the quarter ending end ing march and june would be the worst quarters of the year maybe there's another bad quarter here it is interesting to me, though, that the volka rule did come out on the same day. that's like back to go-go times relative to the stress test. i think the story hasn't really dramatically changed today it will be interesting when we see on monday who is going do change their dividends it would seem like wells fargo is maybe a likely candidate. for big money centers, i don't think they're moving much. i saw citi up a little, jp morgan down a little to me it still comes down to how bad will the losses be. >> goldman after hours is one of

the biggest losers, down 2.5%. wells fargo is down 357b.5%. maybe some would argue this has been priced into wells fargo for a while. grasso, where do you stand on a quarterly basis the fed might have something to say in how the banks are distributing funds or using their capital. >> i'll start backwards. goldman sachs has the nicest chart, so it makes sense that one would give back the most i think as far as the thesis of why you invest in the banks, it's a value thesis. without a div and a buyback, it's less valuable for me off the bat, that hurts, that's a headwind. coming out of the financial crisis there were tremendous headwinds. everyone was nervous about the government taking over tremendous gains have been made since that level

is this the bottom and are you going to be able to buy these banks going forward? i don't know that you're going to see the return that you need to in this marketplace i'd avoid them. >> tim >> well, i think the nationalization risk has always been, i don't think anything has changed, i think the optionalty and upside in banks is there from a valuation perspective the fact of the matter is stress tests have been a part of the banks' lives for the last ten years. banks might have effectively been nationalized ten years ago. you can't say, i don't believe, the capital market activity over the last three or four years, i think, has been very important for banks and it's been part of helping banks regain momentum. we've spent a lot of time talking about how banks can't take all-time highs. i think price reaction has been supported by buybacks. today's an nounlt aftnouncemente bell, i don't think there should

be any surprise or shock there the fact that you capped the last four quarters makes a lot of sense to me under most severe stress test, a couple banks might face the most severe levels. i think net-net there's a positive out of knowing more today than we knew yesterday i think banks will respond tomorrow. >> let's bring in george cass y cassidy. gerard, it's always great to speak with you what is your take on what has come out and can you connect the dots to the after hours actions we're seeing specifically? goldman sachs is down 2.5%, citi group is up by 1.25% and jp morgan is basically flat. >> what i saw today were some definitive numbers on the stress capital buffs. as you know the stress capital buffers is factored into the

capital ratios with these banks. only the banks with the exception of goldman, their capital ratio at the beginning of this testing period which are fourth quarter 2019, those capital ratios exceeded the requirement capital ratios goldman missed it by one-tenth of 1%. i don't think it's that big of a deal what's important here is that the banks once again they're going through the stress test now for over ten years the banks are really strong. they have strong balance sheets. the uncertainty comes in with these new scenarios with the kroe covid-19, the sensitivity analysis banks are going to have to resubmit the stress test under much tougher conditions. that's where some vulnerability could come >> gerard, it's karen.

i'm more focusing on the provision for loan losses. what are you expecting to see from the banks relative to the very large provisions they took last quarter >> you put your thumb on it, karen. because of the new -- the bank has loss expeexpectations early the quarter. [ indiscernible >> i respect the top 20 banks are going to see rovisions lik the first quarter because the bank got a handle on the downturn today once again, banks are capitalize ed they not only lost an enormous

amount of money, they also had to recapitalize themselves >> given the banks' authority to submit their capital manplans, this a year you have to simply look through because of the uncertainty of the covid overlay the banks are going to have to go through [ indiscernible >> when we get into 2021 it's going to be more of a macro trade. >> gerard, always great to speak with you thank you for your time.

>> you're welcome. >> gerard cassidy of rbc if i were a conspiracy theorist or skeptic, both of which i am basically and you are too, all of you are, i would think the fed is making this sort of point by point call on dividends and buy pacs because the uncertainty surrounding the economy is so great and that would be negative for the markets. >> 100% agree. i couldn't agree more. just go back to wells fargo's first quarter in the middle of may. i mean, they took their loan loss provision was 13.$13.8 billion. they're telling you what you want to know maybe it won't come to fruition, but clearly they're seeing what lies ahead it's not about the banks the banks aren't the problem this time. it's the other end of this thing and what the consumer looks like when we get through it

and we will get through it it's just a question of the timing again, i think the banks are telling you all you need to know everyone seems to magically think we're going to be back where we were. i don't think that's happening and i think that's really scary for the market going forward, but i've thought that for a while now. >> tim, you disagree >> i think this is all about a fed that certainly has a mandate that is out of control what is different today about safeguarding things that might happen on the banks out two-three months, six months, two years because we know we're in uncharted grounds buy fallen angels in high yield or junk markets or nationalizing every other part of the economy. this is out of control, but it's no different from the fed we've heard from for the last two years. as much as the skeptics and the conspiracy minded people that we may all or may not be, i don't think this is fresh bad news

i think this is totally in character with a federal reserve that's doing this in every turn. it's a problem in the big picture of our democracy and capitalism capitalism capitalism is dead >> here for this bank trade with the fed that is taking extraordinary measures, you also have a fed that sin jeis injectg liquidity to the point where you know the banks won't fail. >> yeah. i think the fed has been a tremendous friend to the banks, right? think about the crisis started and all these banks had revolvers. the companies were drawning dowdow dawn hundreds of billions of

dollars. instead the jp morgan got paid a fee on it. that was because of the fed. the fed has done an enormous favor to the banks that they asked them to maybe go slow on their capital plan for the rest of the year, that's very reasonable the fed has been their friend. >> let's turn from the banks to biotech. your next guest says it is time to double down on this sector. let's go off the charts. chris, what are you looking at >> i brought along a couple charts what's so interesting about this biotech group in the context of talking about the banks being a repressed corner of the market, this is an unrepressed corner of the market the way it acts and leads is suggestive of that let's go through a couple names

and a couple charts, talk about the year to date so far with ibb. down 25% in february and march followed by a 50% move up off the low. the question is, is this too far too fast, is this something that con kol dsolidates here i don't think. this is a chart that is really just getting ready to go this is the longer term chart of the ibb. let's just keep in mind this went 40 to 140 in 2012, 2013, 2014 then you have five years of nothing. 2015, dead money, 2016, 2017, 2018, dead money only just starting to break out of this. from a longer term context, i know it's up a lot this year, but in the longer term this is something that is just beginning to break out i think most importantly, when you talk about it from a relative standpoint, are you getting paid in this group relative to other parts of the

take year. the answer to that is definitively yes the improvement predates the virus. before any of us knew about this virus, biotech was getting better october, november, december, starts to outperform it continues february, march, april. it paused over the last month and is now starting to get back in gear. from a relative standpoint which is showcasing the leadership characteristics. one of our favorites is abbv it's been trying to get above this 100 level we think it will here. this is an improving chart up through 100 gets you to 120 the other name here big cap stock soresta, widely owned. been sideways for the better part of two years. just on the verge of breaking

out, got above 150 ultimately what you're starting here is a really big move. when you look at this group top to bottom, whether big caps or small caps, the whole group is strong that's what we want to own in this type of market. >> chris, what is the technical analysis term used to describe the long bases to an upside break? >> the bigger the base, the higher the space. >> yeah, yeah, yeah. >> one of the legends in the business coined that term. i know tim is a big fan. these are stocks that haven't gone anywhere in five years and they're just starting to work. >> okay. chris, always good to see you. steve grasso, where do you stand on biotech in general? >> i would play with the ibb you can't be smart enough to understand which so i would pla

it with ibb so your risk is muted. your upside is muted as well but i do think you need that vaccine. they'll all be forced to share not one of them is going to be able to do it. i think it's going to be a combination of all of them i'd play it with ibb but not for long this is more sell the news or sell it when it gets close to a vaccine. i wouldn't be long winded in my long position in ibb. >> all right we have breaking news on the facebook advertiser boycott. >> melissa, this is now the biggest company by far that is taking a quote, unquote pause to its advertising on facebook. verizon now saying in a statement from its chief media officer, quote, we have strict content policies in place and have zero tolerance when they are breached

we take action we're pausing our advertising until facebook can create an acceptable solution that makes us comfortable and is consistent with what we've done with youtube and other partners as well this all, of course, amid some concerns, allegations, accusations, that facebook is turning advertising profits from lax policing of things like hate speech or other platforms. this is the biggest company right now. we'll keep an eye on it. >> it's interesting that verizon is saying they're going to pull it until there is a solution, as opposed to for the month of july which is what the boycott had called for. >> a lot of other companies already have done it ben & jerry's, north face, patagonia, eddie bauer this is a way of becoming more activist with regard to how they use their brand and how it's placed

not putting a timeline on it is interesting. it pretty much begs facebook to respond in some way. >> dom recently pledged to give $10 million in funds to organizations including the ncaa which proposed this boycott. karen, seems like the pressure may be building on facebook if a company of this size is saying we're going to pull for an indefinite period of time these ads until you do something >> right it gives cover for other big companies to do it yeah, the pressure is really on facebook to craft some sort of statement or solution that sort of allows them to thread the needle, which i think they will probably do. i don't know if it's going to take more big verizons of the world to put that pressure on them but i think it's unavoidable from facebook at this point. >> guy >> it's not bullish

more people are going to line up facebook is going to have to address this they find themselves in an extraordinarily difficult position that they've put themselves on, by the way. it's a matter of time before people start to leave as well. ibb has broken to the upside the verification will come in the form of angen. the indicator that you mentioned is also the spinal tap indicator. >> facebook shares by the way

are lower in the after hours session by about 1.4%. steve grasso, we've always mentioned the chicken and egg. that's where the audiences, the people are, the eyeballs are, so therefore that's where the advertisers will go. it seems like we're breaking that cycle potentially here. >> yeah, but i mean if you look at this stock, the stock has really been impressive in light of all the head winds. i think with digital advertising, those numbers are going to be down for google and i think this is the time where facebook is actually, their numbers are going to actually look better. unfortunately you'll have advertisers leave, but i think ultimately they will come back so i think it will be short-lived. i think facebook will thread the needle with some sort of commentary but the stock has been unreal and the reach and scope and bre breadth of the name is something

that doesn't exist other than google or amazon, but it's on the top of that heap i think the stock will be just fine. >> the context, though, that you mentioned grass sew in teo is tt inwhich we' se eewe're seeing p conditions for a drawdown. we know that a host of other companies out there in the s&p 500 have donated millions of dollars to organizations like the ncaa they risk looking like hypocrites if they don't follow in verizon's footsteps at this point. >> yeah. i don't think facebook is going to spontaneous ly combust but this is a big deal verizon has 1 in every 10 ads on tv this is a message without a

specific timeline but more a set of conditions. i think it's a big deal. that's not great for the stock. >> let's say there are other companies who pull their ads from facebook. grasso, you're on tv you're making a phone call anyway, karen? >> i think verizon is begging facebook to give them some cover. that's where they want to spend their money, right the way they position the ad, the way they talked about it they're baiting facebook to do something. i don't think it's going to tv i guess google i don't know, maybe snapchat i don't know verizon is begging them to do it to give them some cover. coming up, we're all over nike's moves in the after hours session. later, why mcdonald's is

taking a test run of new products off the menu. i got an oriole here.

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let's get back to leslie picker >> this one is pricing for albertson's, the supermarket chain. i'm told it's priced its ipo at $16 a share, below the range it had been marketing to investors which was $18-20 a share they're planning to limit shares to 50 million shares down from 65.8 million shares. those shares are being offered by the current shareholder so the proceeds won't be raised by the company. that $16 per share implies an

enterprise value of about $16 billion. half of that, $8 billion, is debt interesting that those current shareholders are finally getting they payday albeit at a lower amount. >> guy, you've been on board the kroger train >> yeah. it's interesting they tweaked their dividend today. i think they raised it slightly, kroger, that is. you could probably make an argument this is great for kroger or it's not based on the fact that there wasn't demand and they had to lower the price albertson's. if you go back and look at that kroger quarter on june 19th, that was a very good quarter in my opinion i was surprised how poorly it traded after the fact. i still think valuation-wise kroger is appealing here

>> steve >> i mean, we've only started looking at supermarket stocks after corona and after shelter-in-place and kroger has a huge number on fuel as well once the economy really starts, people start getting back in their cars, then i think you start to see kroger really perform. albertson's, i don't like the debt level i'm a little bit suspect of the timing of all of this. so i'm not a big fan of that. coming up, the risks to the reopening. what options traders are saying the delay at disneyland could mean for the stock ♪ you should be mad they gave this guy a promotion. you should be mad at forced camaraderie. and you should be mad at tech that makes things worse.

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nike's growth thein recent years has been super charged investors want to know how has it come back since china has reopened the ceo made it clear the momentum is still there. >> return to currency neutral growth in march and april, china's

monthly active users on the nike trending app inin ining app in% since the beginning of the year. this allowed our business in china to return to growth in q4. >> return to growth key there. he also talked a lot about digital growth for nike overall, which did rise 75% in the quarter. it's continuing to look strong here into june even as stores are reopening around the world and executives are doubling down efforts around the digital business they see particular opportunity in women's and in kids the response to the last dance documentary about michael jordan ran on espn, that was also a

lift 90% of nike's stores were closed in eight weeks of the quarter. nike says 90% of stores around the world are open nike is not immune to the economic slowdown. nike is faring better than most in retail. one sign of that, the ceo confirming that all nike employees were kept on the payroll with no salary cuts during this period nike has about 75,000 or more employees. the other factor, the stock has been on a tear it's up almost 70% from the march low. five and hialysts raised their target this s this week. >> tim, what do you make of the quarter? >> i think i even said buy it into the numbers there's a pullback on high

expectations and a significant stock move into it the fact that he's talking about also being 50% digital sales in the short to medium term for sure but they're going to be two years ahead of their plan to be 30% digital sales. the jordan brand is a billion dollar brand i would agree we know what the cyclical and the covid-19 headwind is, but for a company who needed to show both innovation, strength in china and continues to dominate on margins because of their business model, i don't know why you run too far away from this one. you should be buying weakness. >> the last quarter that nike reported was held up as proof that maybe things won't be so bad because china was, in fact, bouncing back. this time around it was a disappointment >> you know, i think the market is concerned on corona as the

environment and it's taken over the macro story. nike stock has actually performed quite well i love the chart the chart still looks constructive when you talk about returning to growth in the matter of a quarter, that's unheard of in this marketplace i like the fact that 90% of the stores are open. i would still be a buyer of nike on any weakness that you see. >> dtc obviously very strong that would be bad news to the foot lockers and a lot of those middlemen retailers. >> right sort of it's circular so the bad news for nike was the trouble with the foot lockers and the dick's sporting dpoogoods of the world. the growth margins were down a lot, which obviously is a bad sign, but they did say that higher full-priced average selling. that's a good thing when your average selling prices are

higher they had a number of costs that were covid related i think those will dissipate but that your customer will pay a higher price for the brand shows the strength of the brand. it's an ugly quarter in some ways but this is a powerful brand. i'd be a buyer >> keith >> we mentioned inventory obsolescence that's a term i've never heard before you don't want to be obsolete ever most people out there would say guy is absolutely obsolete you have a huge inventory build that's going to take time to work off steve mentioned the chart. i get it but you go back and look and if the great carter braxton worth was here he would mention that the possibly for a double top your previous all-time high in january 105, traded back up

there recently to tim's point you're looking for a place to buy it. recently comes in the form of 89.90. i think you're going to get a shot to buy it there and if it does get there, buy it with both hands in my opinion. coming up, what options traders are saying the delay in opening disneyland could mean. and one stock getting a big he.t because we are all cooking atom as consumers are trying to figure out what's gonna happen next in the market, "can i get rich quick?," companies are saying... ...we don't know how we are going to be doing in the next couple of months. we're withdrawing our financial guidance. so, there seems to be a massive disconnect between what's going on in corporate america and what investors are believing is going on in corporate america. the message to you: don't trade because you think you're gonna get rich quick. because you think...

shares are down by 1.75% coming up, mayhem at the mouse use. there is more downside ahead for disney shares. we'll break down that trade, next we'll belly up and break down the moves in these names it's putting that hard asset is a insurance, you might say, against the paper dollar. that's why i bought gold. it's not for my insurance but it's for my daughter's and the grandchildren's insurance that i felt like that generational aspect of passing down gold is securing them a future. of course nothing is without risk, and that being said, i feel that by diversifying with precious metals that i am covering my bases.

it's a hard asset. you can turn it back into cash whereas keeping a lot of cash in your bank account can really almost end up being nothing. you have these dollars over here sitting in a bank, drawing practically zero interest. i think gold and silver has a greater potential for increasing in value. i mean you have to keep cash. but you don't have to keep everything in cash and you don't have to put everything in the stock market and you don't have to put it all in a bond market. you do a little bit of everything and then you sleep at night and don't worry about it. in fact i sleep better with gold than i do with the stock market because it's tangible. it's there. - if you've bought gold in the past or would like to learn more about why physical gold should be an important part of your portfolio, pick up the phone and call to receive the complete guide

to buying gold which will provide you important, never seen before facts you should know about making gold, silver and platinum purchases. - with nearly two decades in business, over a billion dollars in transactions and more than a half a million clients worldwide, u.s. money reserve is one of the most dependable gold distributors in america. disney shares under pressure today after the company delayed the reopening of its california parks indefinitely that cost disney more than 1.25 billion today.

>> disney traded well over go ti two times the average daily put calls today. 9 of the 10 most active options in disney were all puts. most of the opening activity was concentrated in the august 100 puts buyers of those puts are obviously betting that disney could fall further, below that $100 strike price. one might assume they're tarp ' targeting march lows the put volume has been elevated for a couple of weeks now as we've seen some of this reopening news and there's been maybe not such a positive result in terms of virus cases coming out of that. some of the bearish activity preceded today's announcement. >> is the fact that disney

closed down by 6/10 of a % is good news? it traded up on the reopening plan and also takes along with it other theme park operators and reopening trades like cruises, airlines, et cetera and most of them finished higher. >> yeah. i mean, i guess when a stock stops going down on pbad news, that's a positive for it, but disney has been a perfect range trader it looks like it wants to trade between 100 and about 125. the problem i see with disney is that it's not the same as when you're getting on a plane and you could suck it up for 2 or 3 hours with a mask onto get someplace. this is the venue you're going to i don't think families should be excited even when it does reopen and parks are a huge number in their revenue. i'd be negative on disney, but

watch that $100 level. >> they're also, by the way, delaying the launch of mulan which would bode poorly for the movie theaters amc finished down by more than 10% today. >> crushing. it's a sad day in my house 38% are theme parks and experiences. this is a big deal it's been well flagged in the stock. if you look at the chart, i want to see this hold around 105. i'm an owner of disney i'm not trading it aggressively here the reality is what we're seeing on resurgence in covid-19 is not faring well for this stock the reality is it's going to be a much lower move back in the theme parks. the reason i own disney is because there's four distinct different businesses there that are largely very healthy if not

set back by this i think you're buying weakness. >> this raises questions around any reopenings and whether it matters if the government has imposed the lockdown or if the companies themselves pull plans to reopen. we've seen this here with disneyland in california disney world is being questioned by its workers and apple closing more stores in florida this time >> companies are not waiting for guidance from the government they' ee're hlistening to their customers and employees. it wouldn't be shocking if they delayed further openings we have espn now we have sports that may get delayed again or more cancellations. this company has a lot of debt now. it can handle the amount of debt, but in terms of valuing the company you have to include a lot more debt now than there

used to be. >> tune into "options action" 5:30 p.m. tomorrow after that stick around for a bonus hour of "fast money. we're breaking down the five biggest stories of the week tomorrow at 6:00 p.m. eastern time. coming up next, mccormick is cooking and beyond meat. we'll dig into those stocks. it's a thirteen-hour flight, that's not a weekend trip. fifteen minutes until we board. oh yeah, we gotta take off. you downloaded the td ameritrade mobile app so you can quickly check the markets? yeah, actually i'm taking one last look at my dashboard before we board. excellent. and you have thinkorswim mobile- -so i can finish analyzing the risk on this position. you two are all set. have a great flight. thanks. we'll see ya.

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welcome back to "fast money. take a look at shares of mccormick spicing things up. the quarantine's stay-at-home cooking craze helping the bottom line guy, they say that at-home sales is helping to offset in the commercial business, the industrial side of the business. >> well, nobody likes the spice rack as much as i do we've talked about this stock on the show prior to all this

craziness going on i think people are getting in touch with their -- what's that woman that used to cook? julia child side of things the ridiculous quarter, the margin beat was outrageous i can understand why you'd want to take profits on the back of this, but i still think you stay long on this name. nobody likes the spice rack specifically, a nice paprika as much as i do >> i was taking a look at the mccormick earnings deck. 16% increase in household penetration and 11% increase in repeat buyers. they're also able to offset price inflation from the supplier level by raising prices themselves, steve grasso that seems like a recipe for

good earnings. >> i see what you did there. if they could bridge the gap during this corona environment and the stock has absolutely performed well, i think that you're okay staying long, because we will start the economy eventually and then it should be firing on all cylin r cylinde cylinders. i would stay long but i do hear what guy is saying the chart looks like it's a little bit topee here. >> much different story here for shares of beyond meat. they got burned today as mcdonald's ended its meatless burger trial the trial was supposed to end. what do you make of a stock like this the trend seems to be here to stay for now i'm not sure what you think about valuation. >> right yeah that's the thing, valuation. the trend seems to be here to stay obviously they were out first in the biggest way. they've got a lot of

partnerships which is great. we'll see what happens with mcdonald's i can't help think that we're going to see a lot of competition even though i really believe in the secular story we're going to see a lot of competition. the valuation, i can't get my head around it. >> what's interesting is that initially they were saying what is challenging for them is to sort of get their placement in the refrigerator aisle because the supermarket distribution system is so difficult to break into now with direct to consumer at home, tim, i'm wondering how that might change and change in beyond's favor >> i think fighting for shelf space is critical. it's all about competition and valuation. that's the story here. i wouldn't chase it. up next, we have your final trade.

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time for the final trade let's go around the horn tim seymour? >> mcdonald's may be dropping beyond, but i think they have plenty of their own products again, this is about margin. 175 is the level to watch long mcdonald's. >> karen finerman. >> yeah. the one most interesting to me for tomorrow might be wells fargo if it tradesdown it would be good for the stock if they were to cut their dividend wells fargo. >> steve grasso? >> sonos i bought it today. it does look like apple, google

or amazon. >> guy adami >> mel, i'm not a fan of rosemary, the spice, not the name, by the way one man's pleasure, another man's pain comes in the form of snap versus facebook. >> all right. watching we'll see you tomorrow at 5:00 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 >> is this market really as simple as it looks covid cases up, well, then, by the cramer covid-19