incrementally perhaps more overowned and overbought i don't think it's at a critical moment right now but at some point there is going to be an answer to that question of can we really bank on these companies to keep earning at these levels >> you saw just there, nasdaq comp up 1.5% today, another record close for that index, strong gains for the s&p and dow as well. we're out of time. fast money starts now. i'm melissa lee and this is "fast money. tonight on "fast," a summer sizzler. stocks jump as we kick off a new trading month, the nasdaq closing at a new report high we'll break down what is in store for your money in august straight ahead plus another ev maker going public and later, a bitcoin blitz, why bk says the cryptocurrency is about to head, you guessed it, even higher. but we start off with a deal that has got wall street,

washington and the world talking, microsoft eyeing an acquisition of tiktok and is this comes after president trump threatened to ban the app in the u.s. over security concerns. the president made an about face and gave microsoft the go ahead to proceed with the deal josh lipton has the very latest. >> so, melissa, president trump also weighing in here. take a listen to what he had to say today. >> it will close down on september 15th unless microsoft or somebody else is able to buy it and work out a deal, an appropriate deal, so the treasury of the, really, the treasury, i guess you would say, of the united states gets a lot of money >> so, why is microsoft interested in tiktok well, it's a wildly popular app with 100 million users already here in the u.s. engagement trends are strong analysts note that users already spend over an hour a day on the app. patrick moorhead emphasizes two

broad reasons why this could make strategic sense one, he argues microsoft is relatively week in consumer services with the exception of its xbox live gaming service so c.o. satya nadella could immediately become a much bigger player in consumer technology. second, this is a potential moneymaker they could monetize that big pool of fans through advertising, a business that the company well understands but there are real risks too microsoft's history and consumer focused acquisitions is mixed from nokia's handset business to mixer, its live streaming service. there's also the question of focus here nadella has concentrated on the enterprise market. analysts say that has served his company very well and kept him out of that regulatory spotlight. melissa, back to you >> josh, thank you josh lipton with the latest on microsoft, tiktok. cloud is a business that got microsoft to where it is today so, if microsoft goes down this road of buying this business, well it seems like it's the hottest property around on social media, does that do microsoft shareholders well?

>> probably, yeah. i mean, the market today told you absolutely, yes. and a lot of people will say it's style drift and this could lead them down a bad road but what are we talking about in terms of price tag here? i've seen anywhere from $40 billion to $50 billion and it's basically a rounding error for microsoft, number one. and number two, the move in the stock more than paid for the deal so, it's hard not to like this my real question is, because clearly i missed that day in college when the u.s. treasury gets investment banking fees on deals that are done between two companies. i don't know how i missed it but clearly i did. what exactly -- how does the u.s. treasury come into this equation it's a rhetorical question but this whole thing is fascinating to me on a number of levels but to answer your original question, i don't think it's negative for microsoft and the market today told you it's positive >> i mean, the order to divest is one interesting aspect of this whole affair, and then this -- i mean, when i read it, i immediately thought, like,

brokers fee, harkening to donald trump's real estate day, i don't know if he thinks treasury gets 20% or what exactly the treasury is going to get out of this whole thing, karen one can only imagine >> i have no idea. i don't -- it really is crazy. i don't love the precedent at all. i feel like, you know, we're just sort of taunting china to have some sort of reciprocal response that i would imagine we really won't like very much. so, i'm kind of perplexed by the whole thing and i mean, i don't know what the right fee is i mean, the whole thing is -- that part is so crazy. he did -- trump say either to microsoft or someone else. i don't know -- i mean, microsoft can compete with anyone in terms of price i don't know if there is a possibility of someone else, but i get also why microsoft would sort of want to give it a try.

why not? money is free to them, practically. i mean, they have cash, but if they wanted to do it with debt, it's practically free to them. so i know the moment tiktok doesn't make money, but i still think it's interesting for them to do, and clearly as guy pointed out, the stock market or the microsoft holders really like it. >> yeah, beaks >> well, there's two things here on the big kind of geopolitical, if you don't think that the global economy is fracturing at least into two pieces, then you're not paying attention, because that's what the -- this deal, the precedence of this deal is. number two, and on the microsoft front, i personally don't understand why microsoft would want this. the only thing that makes sense is if they can get it at a discount because bytedance is forced to divest it. but i'm not sure i mean, again, as josh mentioned, they don't have a great history on the consumer side i mean, i'm sure guy still remembers the zune i still have one of those. that was an abject failure i don't know what this does for them i do think it, you know, you

lose focus so, for me, i don't really like it but you know what i'm not the stock market and the stock market liked it. >> tim >> this is exactly -- brian's saying, love brian, love guy, i mean, this is exactly why microsoft wants it, because they're not here because everyone else, first of all, that could be a buyer of this is in washington under the scrutiny of the government in terms of their social platforms that are too big this totally makes sense think about the business that they just told you about in gaming and xbox and even azure and the fact that 90% of their market cap probably is enterprise that's the whole point that's why you would be going after this here. to me, this is -- this makes a ton of sense because they're probably the only guys that can step in and buy it, at least with this type of ability to navigate both washington, navigate the financials, and yes, they are getting it at a beaten down valuation. if you're getting this, you know, anywhere from, i don't know, 7, 8, to 10 times where these guys are in terms of revenue, that's -- ebitda,

excuse me, ebitda, that's extraordinary and we've talked about on this show why facebook is running scared of tiktok. so, why wouldn't microsoft be running towards tiktok it makes a lot of sense. i like it. >> tell us more on what this deal could mean for microsoft, jared, great to speaky with you. you also think this deal makes a whole lot of sense in terms of the synergies across the super boconsumer business, o you think this deal could enhance for microsoft? >> i think at the end of the day, the biggest takeaway should be from a microsoft perspective, when you have the ability to go ahead and integrate a lot of the capabilities that tiktok has, you think about the technology stat that tiktok has and it's incredibly sophisticated so if you can leverage that and marry that with some of the internal capabilities that microsoft already has on azure, which is the second largest cloud service provider on the planet, i think the capabilities are dramatic. tiktok knows what you want before you even know that.

so when you leverage that with the a.i. capabilities of azure, i think it makes a lot of sense and then to the earlier point that was brought up, i think that's actually key. if you then have the ability to leverage that and bring it into gaming, bring is that into cortina, the digital search engine, bring that into bing, i think the possibilities are quite significant. so it certainly makes a lot of sense and certainly the stock market rewarded microsoft today and you've added more than the tiktok valuation in microsoft's market cap alone today >> is there a risk, though, that tiktok is the next snap? i mean, in that snap has run into user growth issues and monetization issues? or is finding a home in microsoft going to sort of bypass that possibility as an outcome? >> it's a fair point, but you almost have a free call option if you're satya nadella, you have the ability to go ahead and acquire the asset, potentially on the cheap, and if you think about it, you've got one party, microsoft, which is potentially the only party that's available to acquire something of this

size with regulatory concerns, and then if you've got tiktok on the other side, they're obviously desperate from a seller's perspective, so valuation, i'm sure, plays part of it. and then strategically, if you think about the ability to go ahead and integrate the technology into the microsoft stack, satya's getting a free look at this and not only can it potentially accelerate the growth drivers of his existing business, he then has a free call option on expanding the total addressable market to go ahead and think about competiti competition versus facebook and snap, et cetera. >> we swiped at the idea that china could retaliate. is that a concern of yours as you look out across some of the tech companies that you cover that operate in china? >> i think that's a really important point, and there is a global chess match that's occurring right now. it's just not china versus the u.s. as it relates to tiktok versus microsoft you've seen the u.s. and trump administration from a huawei perspective get pretty entangled and trump has certainly made his priorities clear as the global

footprint sets the stage with -- if you cross trump's line on huawei, you're effectively going against the u.s. and you're seeing that in china as well right now with soft bank, which is a japanese entity, which is trying to go ahead and potentially ipo or sell a.r.m. but there are complications with the jv sitting in china. i think the china complications are real i think the potential for retaliation is real so it does have to be delicate in the context context of the geopolitical stage. >> are there certain sub sectors that you think are most vulnerable to china forcing some sort of action or divestiture? is software an area that is most at risk and why isn't there any sort of discounted valuation in these names? >> software's actually probably one of the best positions from a geopolitical perspective when you think about -- when you think about tensions with china, just given that a majority of revenue is actually derived domestically here in the states. to the extent that tensions

flare up again between u.s. and china from a geopolitical perspective, it's the semiconductor industry that usually comes under a lot of attention, you saw what happened when we added huawei to the entity list and the implications associated with that so, i would say to the extent that tensions flare up, you should absolutely keep an eye on the semiconductor sector and the potential implications there >> all right, jared, great to speak with you, thanks for your thoughts appreciate it. jared of jeffries. guy adami, what do you say >> you bring up the point, mel again, listen, clearly, the market does not care about this. i understand but this is just one more salvo in this whole u.s./china situation. and i understand this is probably not going to be a great analogy or a great sort of comparison, but what if the chinese wake up and say, you know what, apple apple store in china, you have to sell, otherwise we're closing shop you don't think that's a possibility? i mean, maybe that's a little out there on the curve but given what we've seen over the last

six months, i don't think anything's impossible. so again, tim is spot on in terms of microsoft it makes sense i'm not discounting that my comment about style drift is exactly that that's been a concern but it doesn't mean it's not the right move and again, the move in microsoft today more than paid for this deal. but i think to your earlier question, i think this has far broader ramifications in terms of this u.s.-china situation >> there have been reports that the administration will announce measures against a broad array of chinese-owned software companies. tim seymour, is this a concern that the markets are just looking past a little bit too much i mean, we didn't think that we would get here with -- well, maybe we did with bytedance and tiktok, but maybe we're not taking seriously enough the possible retaliatory measures china could take against u.s. companies which could really be -- i don't want to say devastating but it could impact valuations for sure. >> if you think about the companies that we'd be thinking about here that have the most exposure to china, it's really

apple, as guy pointed out, but i'm not so sure that the valuations of google and facebook really reflect a significant amount of china. so, you know, i'm not terribly concerned about that i think the bluster and the focus on china and the common enemy and the things that, first of all, make a ton of sense, and i think are fair, but that also the -- the dynamic of just the political salvo that's attached to this, i think that's what it is again, i think it's a case where if anybody -- microsoft benefits from this. and the stress around this and by working with the white house, making it very clear, doing a public show of, we will make sure -- whether it's the capital markets revenues that need to be allocated or not, but that they're very clear, we will solve these issues with the government before we move forward, or there's no deal. i mean, what more can you do and what more -- i think in this environment, should they be doing? and i like the tactic. >> let's get to the latest developments in the coronavirus relief bill.

kayla tausche has been following them all and has the newest details. >> reporter: melissa, the top negotiators from the trump administration and democrats in congress met today at speaker nancy pelosi's office. they met for about two and a half hours, and afterwards, said that the purpose of the meeting was to go painstakingly through each dollar in each side's proposal the republicans, $1 trillion proposal, democrats, $3 trillion proposal and figure out where each dollar went speaking after the meeting, the top senate democrat, chuck schumer, said there was -- it's still going to take a bit longer to reach a deal. he did say there was some urgency to the effort. >> we are really getting an understanding of each side's position, and we're making some progress on certain issues, moving closer together there are a lot of issues that are still outstanding, but i think there is a desire to get something done as soon as we can. >> reporter: so, what are those outstanding issues

i mentioned the total price tag just a moment ago, but also the money for state and local government, and democrats are proposing a trillion dollars president trump, today, said that is still a nonstarter for him. they disagree over the amount of money that unemployed workers should get as a supplement to what states are paying and they also disagree on how schools should be able to spend federal funding. they each allocate about $100 billion in their respective proposals to schools but the republicans believe that the large majority of that money should go to schools that open for in-person learning we don't know exactly what that progress is, so we await the details which is where the devil usually lies back to you. >> kayla, thank you. kayla tausche, weathering the tropic tropical storm in washington, d.c. for more on how the stimulus bill could impact stocks, let's bring in emily roland. welcome back to you. >> hi, melissa thanks for having me >> the markets seem to be

impervious to the delays that we're having in a coronavirus relief package being passed. does this mean that you think there's -- that this is not a catalyst, in fact, for stocks, you know, has not been the new bill, that is, or that the markets just simply complacent about it eventually getting passed >> you know, in our view, fiscal stimulus, as a catalyst, is really sating at this point and really what the markets are focused on is a solution for the virus itself in the form of a cure or vaccine or a treatment in order for the economy globally to really get back on its own two feet here, and we think that creates a pretty challenging investing environment. there's more volatility associated with it we almost think of the markets trading like a biotech stock and when there's good days, investors may be reaching for risk, and then we get a pullback in terms of the timeline for a vaccine or in terms of, you know, the path towards a development, and investors may

get whip sawed on days like that so we actually are very focused on really making sure that investors are staying disciplined in this environment. we think a balanced portfolio is a huge advantage right now there's been a lot of ink spilled as of late on sort of the death of the 60/40 portfolio. we think it's alive and well right now, and so we think, you know, that -- having that balance and that discipline should allow investors to refrain from making some of those mistakes that can easily be made when the market trades on one specific driver as it is right now in our view. >> what are you recommending in terms of tech exposure because i mean, it's really the biggest stocks in techland that are making the new highs that are pulling the nasdaq up to new highs that are dragging the s&p 500 along with it. so, do you say to balance away from those names or embrace that move >> we've actually been overweight technology as a

sector for over five years at john hancock investment management and you know, we certainly recognize the great run that mega cap tech has had and we certainly also recognize the concentration risk, but one of the biggest arguments out there is that this part of the market's very expensive, and if you look at forward p.e. ratios right now, the tech sector's trading at about a 16% premium to the s&p 500 that premium over time has actually been closer to 25%, so we're nowhere near tech bubble levels right now you know, tech's trading at about a 25 times forward p.e. ratio right now and my jumping up and down and getting excited about that no but we're not excited about much right now, as most things across the board are looking very expensive. the other element here is we're just not seeing that kind of level of irrational exuberance kreepg into the market as far as investors go today you're not seeing really excessive optimism

there's pockets of it, of course, when we talk about the rise of the sort of day trader, robin hood accounts, that's there, but looking at funds low data, investors are still sitting on a big pile of cash and we're just not seeing that yet. so we still like tech. >> okay. emily, great to speak with you, thank you. emily roland, john hancock brian kelly, you've long side that the biggest risk to the market is the fiscal stimulus package not passing here we are. is that a risk >> i still think it's a risk i'm surprised that the market is kind of shrugging it off my best guess is that people are thinking, well, okay, a couple-day delay is not going to matter that much but i just don't know what incentive the democrats have, politically, to really give in a lot here so, i think it could go on longer than we expected. at some point, maybe the market cares. i think that's the biggest risk. i mean, if you look at what's going on in the economy, we talk about what's going on with tech, but something like the single loan officer survey came out and

it showed the big companies, you got all the money you want but the smaller companies, lending is tightening. so, if that continues to happen and you get people that are getting evicted and they no longer have $600 a week extra to spend, that will eventually hit earnings in the s&p 500. but until investors care about it, i guess it's a nonevent. but i still think that is -- you want to call it the black swan, the big risk, whatever it is, i think that's the biggest risk this market faces. >> what do you think is the biggest risk, karen? we went through the first 13 minutes of the show talking about china and possibly china retaliating against u.s. technology companies >> yeah. i think that's a risk. i think that's a reasonably high risk, but we've seen in the past the market sort of shrugs off some of the tensions between -- we've been in this for, what, two years now, various shots across the bow from each side? and so, that's -- i think that will happen. we will see something like that. i think, to me, the biggest risk is probably an upside risk of a

vaccine quicker than people expect that's the sort of black swan, i guess, to the upside, people, i think, are discounting maybe won't be anything by the end of this year on a broad scale but if it happens sooner than that, i think that's upside. >> i think that's -- that's a really interesting risk that i have not heard many people elaborate on, and i'm just trying to think in my head, obviously, the reopening trades would probably rip higher, but what happens to tech leadership in that scenario, guy? do we have a -- do we have a selloff in the, quote, unquote, defensive names that have gotten us here? >> history would suggest that, but i mean, i'll tell you, the upside risk to trade is something that tim's talked about for a while, so people put it out there, tim specifically with that said, think about, quickly, in two trading days, apple added close to $300 billion with a "b" dollars in market cap, which, you know, it's just a number until you realize that i think they're only 22 companies in the s&p 500

that have a market cap that big in the first place so we throw around these numbers like they're nothing anymore and i heard what emily said about tech only being 16% valuation-wise higher in the s&p 500 which is true and he want that the s&p 500, in my opinion, ais at a ridiculous valuation, so i get what's going on here, clearly, to answer your question, does a vaccine cause a selloff? i have no idea but you know, also have to take into consideration that in order for a vaccine, in my limited knowledge, to be effective, i think 70% of the population has to take it, and every poll i read suggests that 40% of the people at least have said they won't take it. so, there are just a lot of things out there that the market doesn't seem to care about >> and you layer on, you know, the idea that even if you do take it, tim, will you change your behavior? i don't know if the first batch of people who take that vaccine will change their behavior enormously enough to spark a

renaissance in hotels and flying and all that stuff >> i agree and therefore, those new normal trades, sorry, guy, i know you hate the expression, but i think they're here i think they're here for a little bit longer, and i would just go back to, you know, emily talked a little bit about and also just about the 60/40 split. today, google issued $10 billion of debt from 5-year out to 40-year maturities they're ten year were 58 over treasuries do you want to be diving into the debt market at these levels? i don't know look to japan, maybe it is a great place to buy one of the best credits out there the other good news was that ism number, especially the new orders component, blew away all expectations i realize it's one data point but if you want to look at manufacturing activity, which we know is not the backbone of this economy anymore, things have gotten a whole lot better. so right now, i think, with or without stimulus, this market has enough from the federal reserve to hold ground remember, we're within 90 points

now of all-time highs on the s&p. and we're talking about, you know, whether the stimulus plan is something that's going to -- look, we've been debating the stimulus, this next round, for the last three weeks to a month and the market continues to make higher highs >> exactly coming up, we're in the thick of earnings season and we've got our eye on a couple of big ones bitcoin surging to its highest levels of the year how much higher can it go from here we'll get some answers when "fast money" returns look here, it's your very own all-in-one

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complete collections of iconic tv shows, and more. yup, the best really did get better. magnificent. xfinity x1 just got even better, with peacock premium included at no additional cost. no strings attached. welcome back to "fast money. we've got a pair of earnings letters for you. take two and virgin galactic both on the move after reporting

results. we start with josh lipton on take two josh >> so, melissa, i checked in with michael over at webb bush who's covered this name and this industry for a long time pachter would point to that bottom line beat, q2 guidance he would call very strong, yes. guidance revenue expected to be down sequentially but pachter says that's likely to prove conservative results were driven by a few key franchises, nba 2 k achieved $1 billion in net bookings since the launch now, engagement increasing grand theft auto v continues to exceed expectations. it has sold in 135 million units. grand theft auto online on track to establish a new net bookings record he says the company has the strongest development pipeline in its history it is double what it was five years ago and he says they're preparing for this transition to a no-console cycle that will be

a better platform for audiences. he was asked about the lasting impact of the pandemic, the lockdown, the environment we're in, saying it's hard to predict but he thinks this has intensified the shift to new interactive entertainment, people have come back to video games. there will be a long-lasting increase in demand there are only a few companies, including take two, that can really capitalize on that, he said, melissa. >> all right, josh, thanks josh lipton. bookings were the real standout, full-year guidance coming in ahead of expectations. also helping the stock here. guy, do you buy that line of thinking, that consumers will stick around even after the lockdowns and still game >> 100%. and this is, you know, tim mentioned, you know, i generally don't like new terms, but new normal is one of those new terms and this is that and by the way, you know, take-two is a name we mentioned pre-pandemic and what's happened over the last six months is just accelerated some of the things that we thought might happen i think we've been pretty

steadfast in terms of take-two, electronic arts, the ea number was very good, i thought this take-two number, this quarter notwithstanding, i think the full-year guidance and the fact that operating margins are now north of 30% have people encouraged and despite the move this stock has had, i think it continues to go higher >> tim >> i love it you know, i love this stock. i love atv tomorrow, again, this number today, these net bookings grew 130% the guide coming into this, one of the reasons the stock is popping is nobody expected this guide so the guide is very strong nba 2 k, this is what espn was showing. nba players playing this game. what else have we had to do? there's haves and have not atv i tomorrow i think if you look at all these gaming stocks and these interactive gaming stocks, it's been a two-year kind of basing and grinding and now we're seeing a lot of these starts start to break out this take-two chart, you know, really, i mean, this is -- this is what you have been waiting for and i think you're buying

the breakout >> let's get to virgin galactic now. that stock is falling after its earnings frank holland has the news >> expected to generate as much as $460 million that virgin bla galactic says will be used for working capital and capex. loss in eps the but that was widely expected. another key metric did show improvement. virgin galactic's one small step program, qualified prospects that have paid a $1,000 deposit, that grew 75% from 400 to about 700 in q2. ebitda losses also basically flat year over year. before the bell, virgin galactic announcing a memorandum of understanding with rolls royce for sub space flights that can hold 19 passengers still space is the top priority. virgin galactic says it's planning two more test launches from space port america. if those go well, if, virgin

galactic says in q1 2021, plans for for founder richard branson to take a space flight key date for this company. >> frank, forgive my space ignorance but when you mentioned the qualifications program, the astronaut program, how is that different from the reservations? because my understanding is that the number of reservations has stood at 600 since september of 2019 to this most recent report. >> melissa, that's a very important metric right there so the reservations are people that have paid and the company has about $80 million in their bank account from people who have paid to take that flight when it really happens what we're talking about are prospects, people say that i'll put down a thousand dollars for the opportunity to be on one of those flights eventually after those 600 people get their opportunity. >> big difference between $1,000 and actually paying up the rest. >> absolutely. >> frank, thank you. frank hollande on virgin galactic i don't know, karen, what do you make of this whole story >> it's a story stock. let's be clear

it's a story stock >> well, i mean, you know, definitely and i mean, they're happy with where it's trading so you know, they're using the opportunity to sell another 20 million shares, which, good for them their going they're going to need it i couldn't pay enough money to not have to do the space flight. but the mach 3, this sub space extremely quick air travel, that is potentially very interesting. all that having been said, though, this story stock, i don't know how to model story stocks, and this would fall squarely into the story stock section. >> yeah. i mean, kudos to 386, who's been on space for a long time and has loved this story stock but it's really gotten the benefit, bk, of this whole sort of ev futuristic/spak boom it's a confluence of two hot areas in the markets right now >> yeah. it reminds me very much of tesla several years ago. you've got kind of a fantastical

idea that if and when it works, it could actually change how we do things. you've got a charismatic founder and leader and you've got people that say, well, it doesn't make money. nobody cares if this company makes money. it's a venture capital deal and what i mean by that is, you're buying the idea. so, for me, on this selloff, with 20 million shares being sold, you buy this stock, put it in drawer, five years from now, you're going to be able to buy yourself one of these space flights. that's what this is. >> so that top drawer is getting crowded. it's got tesla in there. i don't know, 3d printing is still in there >> 3d printer is still a factory in a box >> top drawer kind of trades guy, what do you think of bk's top drawer >> i think a lot of things about bk you know what else i think, mel, is, well, in terms of space, real quick, you know, see where they price the secondary and trade against that and kudos to steve grasso, as you mentioned there are certain teams in

baseball, the mets, for example, that need to do things to bring fans into the stadium and these bobble head nights are a big thing but i got to tole you that bk bobble head night, if you look over his right shoulder, that's probably the greatest giveaway that the mets ever did at shea stadium. kudos to you, bk >> that's the laugh track. it really enhances the funnyness of the whole joke. >> i don't know what to say. coming up, two more retailers join the list of the companies going bankrupt this year but are there even more to come first, we're getting ready for the latest electric vehicle maker to enter the market, our exclusive interview with lo lordstown motors ceo steve burns when "fast money" returns.

welcome back to "fast

money. electric vehicle stocks racing higher today and there's new player that just got their ticket to ride lordstown motor ceo, steve burns. >> thank you, melissa. let's bring in steve burns, the founder and ceo of lordstown motors, joining us from the company's facility that they're still working on in lordstown, ohio you guys announced a deal today with diamond peak holdings valued at $1.6 billion you expected to close in the fourth quarter how did this all come together and how long were you guys in talks with diamond peak, so to speak? >> we started looking at spacs covid kind of put the brakes on some of the private funding we were talking to so we started talking to spacs maybe three months ago, we interviewed four or five of them. i did find out that all spacs are not created equal, and you've got to find one that's a good fit, and diamond peak, their ceo really melded with our vision and our team, so took

about two and a half months to get to this point. >> did you see greater urgency once you saw the reaction that the market had to what's happened with nikola and now you have fisker, they've announced their own spac did you see a greater urgency to say, let's get this done as quickly as possible? >> well, you know, i have to be honest it does seem like wall street goes from thing to thing and peaks and valleys, and if we were going to do it, we wanted to do it while it was -- the appetite was there and we really felt like we differentiated ourselves from the others that had come out we have a factory and propertote and we're marching towards production so we thought it was suitable for a spac and to be up on the nasdaq. >> steve, what's your reaction when you hear critics, and they're on our air, a couple on today saying, look, this is a frenzy that's going on when it comes to these ev-related spacs and at the end of the day, the investor is going to get burned, there is just not going to be

the kind of return that many people may be expecting from these spacs? >> well, at the end of the day, we have to make a great truck. if we make a great truck and we have happy customers, no matter what our financial facility is, we'll be successful. so, look, this is capital intensive business we bought a full-functioning factory from general motors, 2,000 robots i think you can see some of them behind me here the prototype's running great. we've got a great team so, you know, we can't really look at the -- at how others are doing. we just have to march towards our production date. we got 27,000 orders we got customers really, really wanting a truck. there is no electric pickup truck out yet so there needs to be one >> and that behind you, i think, is that the endurance behind you? a prototype? we're looking at a picture now >> yep >> of the prototype of the endurance. it's on schedule for production to begin next year, am i correct, and then when do we

actually see deliveriesbegin, where somebody who puts down a deposit and can buy an endurance electric pickup truck? >> the deliveries to customers are just about a year from now, almost exactly >> steve, on that note, i wanted to ask you if you get a sense as to what consumers' intentions are. you hope that the intentions to take delivery of that pickup truck, but you opened it to reservations at a unique time in that there are a lot of other pickup trucks that are not yet on the market, as you point out, that are also taking reservations people might have multiple reservations and have no desire to take all the pickup trucks. so, in terms of how you stack up, where do you think the endurance stacks up, versus, say, the cyber, which looks like it has a greaterrange than the endurance? or the badger from nikola, which is the hybrid ev hydrogen fuel cell truck >> right right. great question really, and this is really hard

to do in modern automotive world, to have your own lane where you're all by yourself is almost impossible, but all those folks you're talking about really aren't in our lane. we are full-size pickup trucks, so a nikola, a rivion, those are mid size i think they've classified themselves as luxury adventure we are a working truck so we are for fleets we are priced the same as a competitive internal combustion truck. we'll save a fleet $20,000 over 5 years if they own our truck versus a comparable internal combustion, so we sell on economics. i mean, the emissions free is great but it's got to pencil out for our customers. the cyber truck, i'm not sure what market they're catering towards but it's really not the working person, we don't think >> and steve, real quick, are you worried about the electric f 150? because let's be honest, they cater to a lot of fleet customers. >> you know, i think this is a

case where the incumbents are not going to bring innovation. incumbents really are saddled with -- puickup trucks are numbe one, number two, and number three vehicle in the united states imagine ford coming out with a ford 150 they're not likely to say, buy this electric 150 and don't buy our gas one. it spews stuff out the tail pipes out the back so they're really kind of compromised so i think a singularly focused -- we have one mind to bring emissions-free pickup trucks to the working people of the world, and our price point, i don't think anybody's going to be able to touch it, even ford. >> steve burns, the founder and ceo of lordstown motors, steve, thank you for joining us, coming to us from the lordstown plant there in northeast ohio. melissa, i can't wait to see that plant i've been there when it was a gm plant and now they're retooling it to make electric pickup trucks at some point, we'll get out

into these plants again. >> phil lebeau along with steve burns of lordstown by the way, work house, we showed that coming into this interview. work house was up about 25% today. work house owns about 10% of lordstown motors they actually have a factory the guy was in the factory they're going to make trucks >> yeah. i think it's interesting, and i think it's interesting based upon the economics that have to work otherwise, they don't really have a reason for being. so, look, i think it's a very interesting story. i think the other part of this story that also is getting some attention has nothing to do with them, and to be clear, this whole focus on spacs is important in this marketplace because spacs, again, the acronym is special purpose acquisition corps have become a very popular funding vehicle or a back door way for companies to list i see it in cannabis there's a ton of spacs doesn't mean they're bad it just means this is a

liquidity of the moment kind of a vehicle. but look, the entire space has been, as we followed the retail investor trends, alive and well. look at that performance today look at neo. they announced they're going to deliver 3,500 vehicles, better than expected, and they can increase production for the third quarter. they announce numbers next week. it comes down to profitability at some point, but we've been through this with tesla all the way through. these are story stocks, but there's no question that the business model needs to make sense, and in many cases, they need to have a truck that someone can drive tomorrow >> diamond peak, by the way, to the point of these blank check companies latching on to whatever's hot, it launched initially with the intent of going into or finding some sort of real estate-related target so obviously, this is a little bit of a shift, which the company is fully entitled to do as a blank check company. but guy adami, i know that you like to keep up on automotive news and in sunday's elision of automotive news, elon musk had

an interview and said the cyber truck is too weird-looking or futuristic, i forgot what term he used, we'll sell normal copy cat ev pickup trucks we'll just shift gears we won't sell that totally, you know, out of this world sort of looking pickup truck and we'll just make a regular one. >> yeah. he's in the zone right now i mean, certain times in life, never happened to me, but sometimes people get in the zone where whatever they do, they do no wrong and that's where elon musk and tesla is. i've said it and i'll say it again. i attribute a lot of it to go back to the interview that president trump had with joe kernen in davos and ever since that day when they mentioned elon musk and our geniuses, that stock has only gone higher july deliveries are up 322% year over year. totally get it but just go back and look at the note that goldman-sachs put out, i think, two or three weeks ago. i think they have a sell rating on the name with a $7 price

target there are two sides of all these stories and the other side sometimes needs to be spoken about as well. >> yep coming up, we're getting ready for earnings from disney but will it be a fairy tale report for the magic kingdom we'll break down what options traders expect for this crucial quarter when "fast money" returns. some companies still have hr stuck between employees and their data. entering data. changing data. more and more sensitive, personal data. and it doesn't just drag hr down. it drags the entire business down -- with inefficiency, errors and waste.

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welcome back to "fast money. lord & taylor following for bankruptcy today, joining a growing list of retailers slammed by the coronavirus pandemic that includes names like neiman marcus, lucky brand, j. crew, jcpenney and many others karen's been doing some digging, spotted a couple names that could be added to this list. what are they? >> well, one is sort of a

perennial one that we talk about, which is game stop and as you can imagine, the sort of secular change, but now you can see what's happening to the stock and the bonds and that's where i always look and these bonds aren't giving you a whole lot of confidence that they're going to survive here so that's one. and then the other one is party city, who started their downward trend when they ran out of helium at halloween and it's gotten a lot worse and you saw today, phil murphy from new jersey saying cutting down the size of parties from 100 to 25, that's bad for party city. they're trying desperately, exchanging their debt, trying to stay alive but it seems like a restructuring is definitely in the offing here. so, sad for both of those. >> yeah. brian kelly, i know that, you know, you don't need as many streamers if you've got 25 people versus 100. >> exactly i haven't bought a pinata in months so i can see why party city is not doing well you know, i think that's got -- unfortunately, i think party city's going to have a really

rough time and then on game stop, what's really interesting, we were talking about take >> two and how people are moving away from the console. that might be a problem for game stop as well >> it's funny that he mentioned pinata because he actually brought a pinata for the team and we have a "fast money" pinata, which is, i believe, at the nasdaq maybe still hopefully is >> why wouldn't we >> it's funny that you specifically said pinata anyway, up next, disney out with earnings tomorrow. will the quarter be a beauty or a beast? we'll dive into the options market to inyoth tde chore "fast" straight ahead. 1234r0e678

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welcome back disney on deck with earnings tomorrow after the bell. let's get to mike with the "options action. >> hi, melissa put significantly outpays calls today and paid two times the average put by more than 80,000 contracts and right now the options market is implying a move of about 5%, little bit larger than the 2.2% it is typically afrmged after earnings and the most active options contracts were the august 115 puts, part of a put spread, the trade that tony outlined on "options action" last friday bearish bets that disney is going to be disappointing out of earnings >> for more "options action," be sure to tune into the full show, friday, 5:30 p.m up next, final trades. ♪

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time for the final trade tim seymour. >> disney, the story i think is well known, delays in mulan, park growing out slower. this stock has been sideways since the middle of may and i think you've actually seen a good consolidation, stay long into this number >> chairwoman. >> yes, from my very small risk book, tiffany, plugging away at all the regulatory approvals and i think it's going to close. >> brian kelly >> well, for me, i'm going to put my money where my mouth is, and say, buy space virgin galactic you can literally say going to the moon on that one >> into bk's top shelf guy adami. >> top drawer.

>> those bk bobble heads, you know, i see it on the etsy they're flying off the shelf, number one number two, we have the great tom rogers on tomorrow to break down dis, number two and number three, toll brothers is going to make a run to that february high, mel >> all right thanks for watching "fast money. se 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. i promise to help you find it. "mad money" starts now hey, i'm cramer. welcome to "mad money. i just want to try to make you some money my job is not just to entertain but to educate and teach you so call me at 1-800 or tweet me @jimcramer. we're not winning the war against the pandemic and when we're losing, we buy th