we're playing a game right now of self-feeding momentum for the most part. unclear what exactly changes that dynamic. >> yields low, some risk aspects to it. >> it was not a consistent message. all those things that you did mention were a little bit conspicuous. but equity market kind of rolling to its own beat at this point. >> we're out of time "fast money" starts right now. i'm melissa lee and this is "fast money. tonight's trader line-up guy adami, karen finerman, dan nathan and bonawyn eison where can you find opportunity we'll get some answers later, the clock is tick-tocking on a deal for the popular app. plus, we've been all over the after hours moves and some red hot software names and we've got another edition of

total request "fast money" copping yocop coming your way at the top of the hour tweet us all your burning questions. new guidance from the cdc on when we can expect a coronavirus vaccine. meg terrell joins us with the developing details. >> this information comes in the form of a letter that dr. robert redfield sent to governors we have confirms this letter and have a copy of it. he tells the governors that health and human services and the cdc are, quote, rapidly making preparations to implement large scale distributions of covid-19 vaccines in the fall. he asks that as they make these preparations, that they consider waiving requirements that would prevent any facilities from becoming fully operational by november 1st my understanding of this from

folks i've been talking with in the government is not that they are saying a vaccine will be ready by november 1st. we're showing you the enrollment progress in phase three trials for pfizer and moderna what that deadline really is, is to encourage states to start getting ready now. they're not saying absolutely we will have a vaccine to start rolling out by then. they just want to make sure the states are starting to get everything in place in order to be able to start rolling it out even if only limited quantities are available and available on an emergency use authorization basis to limited groups. they're not saying there's going to be a vaccine november 1st they're just trying to put everything in place in case we're lucky enough to have one in a limited way that early. >> it makes sense to plan ahead but at the same time the context of this is it happens the day after the nih and the fda seem to have differing viewpoints on

convalescent plasma. there's a real question about the politicization of this process for treatments as well as vaccines. >> yeah. that politicization in recent days has only seemed to get worse, sort of splintering in government agencies over that data the fda commissioner was really criticized for how he overstated the data supporting convalescent plasma for covid-19. still they issued that emergency use authorization and days later the nih came out and said their data weren't strong enough to support its use for covid-19 i was talking with an expert in public health who said this is not good for shoring up public confidence in the government response right now. >> meg tir rel has been following all of this. the fact that we are getting ready for a vaccine to be deployed, that's a good sign, i guess. that's the way the markets took

it, at least. >> the market interpreted it that way it's good to be prepared without question but it's interesting, the headline for these types of things and we've seen many of them now the last few months, always above the fold, first page, bold letters then the backtrack is typically third section below the fold, nobody pays any attention to it, at least in terms of the market. that's probably what we're setting ourselves up for now i haven't believed this rally for a while and i still don't believe it quickly go back to the february highs where we made that all-time high the s&p 500. i think it was 3393. the vix was trading with a 14 handle we have blown through those levels today you saw vix actually higher on the day, closing with a 26 handle. one of the rare days for karen where her long positions did really well and her protections did really well. if the airlines believed it, if

the cruise lines believed it, i think, despite the move to the upside, those stocks would have been up 7-10% and we really didn't see it. you know, i don't know what to make of it it's great news if it's true, but again, label me a skeptic. >> di heard the word skeptic and i immediately thought dan nathan. >> listen, i mean, if this is coming from the white house, you know, we know that they lie, cheat, bully, corrupt. everyone and everything, every institution that has been in their way, and they're clearly doing that with these health organizations, the fda, the cdc. this is a joke no one's taking a trump vaccine any time soon, not in 2020 if the market is teeing off that sort of sentiment, that doesn't make any sense but i think going back to what guy said, the fact that you see the vix rising with the s&p making new highs every day, it is telling you there is some skepticism out there i would mention, though, that to

see tesla and apple sell off the way they did right out of the gates but then see the market broaden out a little bit without having all those epicenter stocks, the hardest hit names from the pandemic, you had a lot of participation today, which i think is pretty different than some of the breadth that we've been talking about it's pretty weak on the day the s&p made a new all-time high about two weeks ago, only 6% of the members of the index made a new high. that was something that really caught people off sides, yet we made a series of new highs we're up probably 5% since then. >> that's true in terms of the new highs. in terms of the sectors that have finally participated, technology was not the sector that led us to new highs in today's sessions it was industrials, financials that's all got to be a good sign and maybe a sign it's time for this rotation to take hold

i don't want to turn this into a political conversation, but the notion is that election day comes, trump wins and this sort of rotation will be put into motion even stronger than what we're seeing right now, the rotation to value and cyclicals. >> i mean, i guess that is definitely possible. maybe the other part of the rally that was vaccine driven was also sort of, if that were the case, a vaccine would really be available, then that would increase the likelihood that trump wins and therefore i guess the market likes that. i agree with dan and guy on the skepticism about the notion that this isn't political, but yet they'll probably be ready by early november that's just ridiculous i do think the breadth was good because some of the froth has just gotten to absurd levels then there's some value stuff that hasn't. like the banks today, i mean, it

was nice, it was a rally, but it wasn't as strong a rally as i would like, of course, because they're still down huge for the year, understandably i'd like to see more of a rally there. the first part of today, though, was rates were actually negative, more negative, going south. so that multiple for equities is going up when that keeps happening. so that was really what was driving it it was, you know, that equity risk premium we talk about coming down, meaning the multiple is higher that's what i think was the first 200 points of today, which isn't a great thing to have. i'd much rather have the economy heating up and see that real rates are actually starting to move toward the positive some of the things were nice to make money on, but i didn't think it was a great day. >> bonawyn, what did you make of today's action

>> i'm really trying to channel my youthful exuberance i'm struggling to do so. you see the adp number less than stellar. you have some positive manufacturing numbers. now this vaccine news. it just doesn't seem genuine there's been a bit of a push and pull between the cdc, the white house and how information is being distributed, but the notion that we have breadth of a rally based on a predescribed date that's not necessarily coming from the most competent of places definitely gives me pause here i mean, it seems like we're looking to reenforce positive news and then discount any negative news. that seems a bit disingenuous to me color me a skeptic i'm in with the rest of the group. >> wow i mean, guy adami, i don't want to be pollyanna here but i feel like i have to because of the

way you guysare talking about the market we are at new highs right now. we've got positive news toward a vaccine. if you do not believe in science, then go ahead and bet against the markets. if you believe in modern science, why not go with the market >> that's fair i said for a while would you rather be right or would you rather make money? trade the market you have, not the one you want all those sayings come to pass now. i've said for months i don't believe it i've tried to find stocks i thought were going up. sometimes right, sometimes wrong. the broader market to me is extraordinarily puzzling it goes up on bad news, it goes up on good news. it double counts and triple counts some of these news cycles josh brown mentioned that in the previous show. it's wonderful to be long and it's very easy to make fun of people like myself who try to poke holes in it and point out what could possibly go wrong i look around and i don't like

what i see other than the fact that the stock market goes up every single day again, i think it is worth mentioning and bonawyn spoke to this a few weeks ago, at a certain point something's got to give i think the vix here with a 26 handle that spent most of the day in the green is really trying to tell you something, that maybe people are buying protection maybe that's a good thing. i just think the vix is telling a much different story than the broader market i will say this, you know, an hour ago just as the market closed, president trump tweeted out the dow jones industrial just closed above 29,000, you're so lucky to have me with my president. with joe hiden, it would crash again, the market is what they're running on without question they'll conflate the market and the economy. to his credit, he has said for a while that the market is the report card for his administration under those auspices, he's done extraordinarily well the higher the market goes, the more chance that he's going to be reelected

the more chance he has to be reelected, the higher the market goes. >> you, like the panel out there, might be worried that things have run a little bit too far too fast our next guest is eyeing some opportunities in things that have rallied hard. todd gordon, what are you looking at >> first we could start with the indexes. let's start with first earnings. we see signs they're bottoming, recovering obviously the stay-at-home, work at home names in q-2 and the nasdaq has exploded. in the nasdaq, is it overdone or is it in bubble territory? one indicator i watch is average range. you normalize it with percentage to compare apples to apples. you take a look at the trailing 20 months in the nasdaq. the average month over month range over the last 20 months is 9% the tech bubble of 2000 got up to 15% before we started to turn

lower. in terms of expansion, we're still a ways away from that. we believe a reopening is occurring here you should see signs of that in q-3/q-4 earnings you look at the s&p. you've seen two major corrections since the credit crisis holow. this one is different. this one is tracing higher highs and lower lows this is expanding volatility that's why we're starting to see a meaning version from a very low volatility range moving up we should continue a higher vix. that doesn't mean that the market has to sell off with that range, closing bell 3600 in the s&p on a month over month basis, i would say the s&p correction is over we're cautiously optimistic. one name that's no surprise is zoom, very overbought.

we trimmed the portion position yesterday. we bought it in march. we're still bullish with the new work at home dynamic i think it's our reality for a while. even if covid retreats, we still like the zoom name from the corporate side we have a lot of stay-at-home stock, zoom and peloton and others we don't have a lot of covid names in our portfolio now one name that we did add yesterday that we have held is disney we don't think it's overbought or oversold. we did close disney in march we think it can fall back on streaming, strong libraries of content, movies coming out and competing with netflix if the parks reopen with the vaccine, they're going to regain

a lot of lost revenue. >> which do you like there was no would you rather. which do you like, bonawyn, zoom or disney? >> in terms of a company, i'll go with zoom go with zoom i mean, disney, honestly i need to give credit to tim. he's been early to this thing. i'm inclined in terms of what i expect to be the short-term participant to the upside. i expect it to be disney only because it has a multiple that i don't need guy's slide rule to pull out and calculate zoom is going to be more of a mainstay you're seeing profit taken today and i would probably get in a bit lower. >> guy and your slide rule, what do you have to say >> i take it with me everywhere. it's wonderful to have especially at times like this. i think zoom, i mean we talked about it yesterday, the quarter was extraordinary. we didn't say anything negative

about the quarter. what we said was you look at the revenues they're going to do, 2.5 to $3 billion of revenue you talk about a company that at least yesterday had $129 billion market cap the math doesn't really add up whatever growth you think is going to happen, disney i understand the reasons to be bullish especially now if this news is true 150 was the level it popped out at back in december. i'm more inclined to think zoom is going to test in the low 300s and disney is going to get back to that 150 level. >> tesla posting their worst day since july that's after more than a 4.5% drop yesterday as momentum coming out of this stock of course, tesla announcing the biggest capital raise here karen, i don't know what you make of this i know that the bonds went up, which makes sense. >> right i think it's a really smart thing to do, right it seems like it's been a couple of months, at least four or five

months since the question about the balance sheet has kind of been put to rest good for them for taking advantage of this crazy market to really shore up the balance sheet. that makes sense that's a smart thing to do in terms of the message it sends to the market, is tesla expensive here the market doesn't seem to believe tesla when tesla says its stock is expensive what was that 700 or 800 in there? i can't remember anymore a little bit of froth should come off of that and apple i think it was somewhat of a buy the rumor sell the news on the split. >> trimming their position but saying they remain a long-term shareholder in tesla, belief in the company. does this sort of represent, bonawyn, the momentum especially

in a day like today where we saw cyclicals really outperformed some of these growthier names. do you think this is a permanent state here in terms of this shift? >> i don't if you look over the last few days of trading, you've had a month in there's going to be a lot of rebalancing and reallocation that comes along with that i think some of these rotations tend to be a bit short dated in nature it would take me a bit longer to observe trading over a long period of time before i say i expect this trend to continue. i'm a bit skeptical about the fact that we're past the worst with this virus. flu season is coming up, the winter is coming up. we might see a retrenchment of that virus i would expect some of this to come off actually from the highs. coming up, is it timeout for

tiktok the virus video app facing new hurdles as it hunts for a alde first there is no i in team but there may be a lot of profit for one tech stock at leaf blowers. you should be mad your neighbor always wants to hang out. and you should be mad your smart fridge is unnecessarily complicated. make ice. making ice. but you're not mad because you have e*trade which isn't complicated. their tools make trading quicker and simpler so you can take on the markets with confidence. don't get mad get e*trade and start trading commission free today.

check out shares of microsoft hitting a fresh high today after a bullish note from evercore which says the video platform could be on the way joining us is kirk materne >> thank you for having me teams is monetized through the

office suite so teams is part of a broader bundle you'd wbuy from microsoft. teams with the collaboration technology that it's bringing to bear, when you partner that up with office, there's an opportunity for microsoft to upsell its enterprise customers onto a higher skew of office bundles. the uplift on that can be anywhere from 50-75% when you think about more and more enterprises having to think about the work from home paradigm and how your employees are going to collaborate, the idea of bringing in new technologies that teams brings with it is really compelling i think this is going to become really microsoft's front office cloud. it's going to be the key to microsoft's front office cloud offering they were up beat about it in its very early days but we think microsoft has a very strong position in this part of the market. >> in terms of the functions

that microsoft can up sell, what are they and what are your assumptions in terms of how much more can up sell and how much more corporations will need to spend? because you did also raise your price target on microsoft, so i'm assuming there's some mass behind this will contribute even though it's bundled as part of office. >> when you think about what teams brings, when you start bringing in video and security and an littalytics, that would a 50-75% uplift. if you have a portion of your customer base upgrading every year, that is really going to drive the broader office product suite at a 10% plus growth rate over the next couple of years. i think the key here is that we think about the office suite, which is a $30 plus billion

business and how that's going to continue to grow also the supporting technologies behind that, whether it's security, analytics. >> kirk, let me congratulate you. you've been a bull on this for a long time. i think i read a piece in february where you had a 212 price target which seems aggressive but no longer when you get to this new price target, how are you getting there? you're looking at 2021 numbers and what kind of multiple do you put on that? >> sure. like everything in the market, multiples are becoming a little bit more relative given the broader market multiples coursing higher as well as rates so low we're using a 37 times pe multiple if we had thought about that two or three years ago, that would have seemed unrealistic. i think what's going on is our confidence level in the durability of microsoft's growth, both in terms of the top

line and bottom line coupled with the fact that microsoft has $70 plus billion in cash on its balance sheet, plus the fact that 70% of its business is recurring in nature. visibility makes us belief that the premium that microsoft is garnering versus the broader market is sustainable. that doesn't mean microsoft isn't due for a bit of a breather it might be at some point over the fall but this business is built for the long-term. when you're thinking about large cap or mega cap technology compounding stories and cash flow compounding stories, it's very difficult to see how microsoft is not very well positioned over the next few years. >> kirk, great to speak with you, thank you. >> thanks a lot. >> that price target goes to 250 from 225 guy, what do you think about microsoft? >> what he said about the multiple, that's the key karen asked the question i was going to ask and that's spot on. i think across the board microsoft is one name we really

haven't wavered on in terms of bullishness for quite some time. i'm with him i do think at a certain point valuation matters. but microsoft is one of the few companies out there that's in all the right places margins continue to be strong. you can make an argument that microsoft should be the most valuable company out there right now. i'm with kirk on this upgrade and this price target raise as well. >> dan >> i think it's interesting. when you look at revenue growth over the last five years and what is expected you see a downturn at a time when you see analysts tripping over each other to raise their price targets and justify high 30s pe multiples. that doesn't seem kind of in line with the idea that this company should continue to trade at a premium multiple when you're seeing this sort of deceleration to me, if he's right on what teams can do to the office

suite, fantastic we didn't even talk about tiktok that would be absolutely amazing if they were able to get that even if they screw it up like they've done a bunch of their acquisitions over the last ten years. i suspect it's an asset that's going to be worth a lot more in a few years than it's worth on a for sale >> speaking of tiktok, they're addicting to watch is it a good deal for someone to scoop up and buy next, from t crtheou to the board room, the latest on michael jordan's new gig some companies still have hr stuck between employees and their data.

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new developments in the tiktok saga. julia boorstin has the latest details. >> sources tell me that they are trying to figure out how china's new restrictions on the export of artificial intelligence technology would impact the sale of tiktok's u.s. business. now, a source telling me that while potential tiktok buyers look into implications of the new restrictions, that visibility into the timing of the deal is very much clouded. here are four hypothetical options from a legal and technological standpoint one would be selling tiktok's u.s. assets without its algorithms a second would be a transition period to use tiktok's algorithm for up to a year a third would beto seek per in addition from china to pass on the algorithm to a u.s. buyer. and fourth potentially licensing

tiktok's algorithm from bytedance. >> yul julia, buying tiktok wit that algorithm seems like you're just buying the brand tiktok and you're not buying the intellectual property of tiktok. if you're just buying the brand tiktok, how is it worth $30 billion? >> that's, of course, the consideration that's being had right now between bytedance and those potential buyers the algorithm which is so addictive is what makes tiktok so valuable. i think there would have to be some arrangement that allowed the u.s. operations to continue to operate the way people know tiktok to be you don't want to buy an asset and have it broken off from the rest of its global parent and have it operate totally differently. i think there would have to be some way to keep it operating just like we see it right now.

>> julia, thank you. dan, what do you think happens here that algorithm, the intellectual property is key to any deal. why would walmart or microsoft want to step in and buy a shadow of what tiktokis >> they won't. i suggest that if the trump administration sticks to this deadline, that next to the dollar sign for the company, the most hotly contested number is going to be the breakup value. bytedance doesn't want to sell this company for $30 billion look what facebook has turned into look how snap and twitter have been mismanaged. these guys have lightning in a bottle here and they have instagram and snap on the run a little bit i think they're going to probably try to wait this out. i think they'll probably do a deal with something they deem to be acceptable but with the idea there's going to be a lot of strings attached maybe the chinese government

helps them do that and then you see it broken up depending on what happens with our election after the fact a new administration might let this thing go on the way it is. >> and then what about that halo effect we saw for all potential buyers of tiktok, mostly walmart. granted, walmart has a lot of other things going for it at this point, including a competitor to amazon's prime but some of that froth has got to come off if tiktok is not going to be the tiktok that it is right now if it's bought by a microsoft/walmart combination. >> absolutely. clearly the premium that you're going to pay for this asset has definitely changed this reminds me of these old school heavyweight fights. is it ali, is it frazier is it the u.s., is it china? now bytedance is pulling a fast one in the last minutes. this is extremely entertaining but i think this is reminiscent of and reminding us why trying

to pick a winner on speculation is really not the way to trade your portfolio. we have a spiaecl bonus hour of "fast for you" and we're taking your investment questions. we renovated the guest room, so you can live with us. i'm good at my condo. well planned, well invested, well protected. voya. be confident to and through retirement.

welcome back to "fast money. we've got earnings alert on cloudera and crowdstrike >> crowdstrike shares down about 6% right now this despite the company topping

wall street expectations on quarterly results and also on outlook. some key points here the company's subscription revenue which make up the vast majority of its total revenue came in at 184 million, nearly 90% higher than last year. annual recurring revenue which shows how much the company expects from its subscription customers increasing about 87% to about 791 million it's total subscription customers have grown more than 90% year over year crowdstrike has benefitted from the pandemic economy with companies seeking extra web security with employees working from home. year to date shares are still up more than 180% >> thanks. by the way in just the past three weeks crowdstrike shares are up 46%, guy, into this

earnings print >> that's exactly right. anybody would say that's looking at it all the metrics they gave guidance, which a lot of companies clearly aren't doing so what's the problem? i think you're trying to figure out a place to buy this stock if you haven't been in it or buy it back if you sold it today. i think that level is sort of the previous high we made back in july of 118 i don't know if it gets there but for a lot of different reasons it would make sense given what we've seen and given the run the stock has had. to me, 118 for a reentry makes a lot of sense in crowdstrike. >> bonawyn, what do you think of crowdstrike or any of the other cyber security stocks? >> as a whole they make a lot of sense. when you've had these parabolic moves you've got to do some risk management here. just hoping and praying that

you're going to replicate what zoom has done when these names have already run up in tandem with zoom, that's a risky proposition. >> let's move onto cloudera. josh >> i checked in over at da davidson he calls this a solid beat-and-raise quarter the company seems less impacted by the pandemic than initially feared annualized recurring revenue came in ahead of expectations. even in this tough environment, richie says he was a bit surprised by the after hours action we're seeing here keep in mind the stock heading into this print, huge run. it's up about 180% off march lows on the call the ceo called q-2 an excellent quarter cloudera is not immune, he said to the economic downturn but he

called the business resilient. >> the stock a little bit more resilient in the after hours session here, karen, versus the crowdstrike even though both have run into this quarter. >> right i mean, i'd rather be in crowdstrike. it's obviously much, much bigger as guy and bonawyn said, when it's up that match going into earnings, i don't know that they can announce earnings that are good enough to satisfy whoever was buying that stock yesterday. i don't have a lot of exposure in those direct names, much more through a microsoft or google. >> dan >> i think these are two great names. they both about have $800-900 million in revenues. cloudera's problem is their revenue only grew 10% year over year while crowdstrike grew 80%

year over year crowdstrike trading at 30 times sales. that's what we're dealing with right here we're making mental gymnastics to try to figure out how one is better than the other. we should be buying the one with the faster growth that trades at obscene valuation. crowdstrike was a company that just a few months ago or before it went public a year ago was a single digit billion dollar acquisition target now it's trading at $30 billion market cap because i don't think the people who are buying it on their apps and iphones are really paying attention to anything that makes sense as far as investing i like having bonawyn on here talking about risk management. i think that makes a lot of sense. at some point people put down their apps and try to figure out what's going on here so they don't lose their shirts when this thing turns.

docusign is huge bonawyn? >> take a look at the options. calls outpace puts about 3-1 i'm going to tell you why that may not be what it seems options imply about a 20% move a 20% move between now and friday, that's almost double what we see which is about 11% move on average. the stock has traded just today a range of about 250 to 290. the trade that really stuck out to me was the friday 300 strike calls. those traded about $17 the stock has been up about 250% this year. you're outlaying $17 or 20% higher which is your break even and you're mitigating risk down

to about 5%. to me, some of this looks like a stock replacement, taking some money off the stabltable, stayi the stock, mitigating downside risk. >> this stock, we've seen it go up when zoom goes up the presumption is that during this pandemic we sign things virtually more often do you think when the pandemic is over, hopefully very soon, that people go back to the old fashioned way, pen and paper or maybe in your case quill and paper? >> yeah. it's funny you say that because i have amy inkwell over to the side i think pete got docusign. he's 100% right. this company is not going anywhere any time soon i just think people have learned how to use it and they're going to implement it going forward regardless of what happens my problem with the stock, a week ago i would have said its fundamentals are in line

but the momentum over the last week and a half has been ridiculous i'm sorry about that i do think there's a little downside here on earnings. ♪ who let the dogs out >> karen, what do you think of docusign >> the valuation can't get there but i do think this is a change that we're not going back. once you start using it, you're not going back for sure. i wouldn't short it but i can't be long here. coming up, basketball legend michael jordan has worn many hats, shoes even over the years. his latest, draftkings board advisor. we'll layout what mj's role says about the company. what do you look for when you trade? i want free access to research. yep, td ameritrade's got that. free access to every platform. mhm, yeah, that too.

i don't want any trade minimums. yeah, i totally agree, they don't have any of those. i want to know what i'm paying upfront. yes, absolutely. do you just say yes to everything? hm. well i say no to kale. mm. yeah, they say if you blanch it it's better, but that seems like a lot of work. now offering zero commissions on online trades. we charge you less so you have more to invest. ♪

shares of draftkings jumping more today, up 8% here what was behind this rally or maybe we should ask who was behind this rally? his airness himself, basketball legend michael jordan joining the company as a special advisor to the board is this a slam dunk for draftkings the market tells you so. the company added $800 million in market cap just on the back of this news of mj joining that board. dan? >> oh, hi, mel i think it's fantastic this is not the last dance for draftkings if anything, this is just the beginning when you think about

their move from daily fantasy, which continues to be gang busters even with limited sports and what lies ahead once we get to the other side of the pandemic i mean, sports betting is going to be a national thing you think about all these states that are going to have these mass i have deficits from roth tax revenues, from so many other things during the pandemic i suspect you're going to see legalized sports betting i think draftkings is just getting started. i don't think you can speak to the valuation right here earlier this year in the middle of the pandemic, all the power to them for sticking it out here despite all these headwinds. i really like draftkings i think on the other side of the pandemic this is going to be a real player in a very new sports friendly betting world. >> this seems like a savvy move for draftkings michael jordan really likes gambling so the fit there is perfect. this sort of reminds me of oprah

and weight watchers, kanye and gap where you sort of get the celebrity to join and you have built-in endorsement power there. >> yeah, you do. i mean, particularly when you're drawing the parallels of the celebrity actually using the product. i think that's what you were inferring there. the guy has only been the face of the franchise of the bulls, been the face of the nba, nike, jordan brand i don't know what there isn't to like i think you can rubber stamp his participation and at least it's going to build credibility and probably expand the exposure of what is already a well positioned stock. elsewhere in the sports world we are counting down to the start of the football season nfl commissioner roger goodell laying out his attempts at reaching a wider audience in these strange times. >> we have nothing but the best partners in the business we're proud of that. but we also want to try to reach new platforms where our fans

are. we've got to reach new partners in the context of that so i see this negotiation as working with our current partners to continue that relationship as well as bringing new partners in that are going to help us reach those additional partners. whether that happens in the next two months or the next two years, that's not as important to us as getting it right. >> what's next for the sports media industry the cofounder of the premier lacrosse league joins us paul, great to see you i want to ask you how you think your season is going back to goodell, he also talked about allowing fans back into the stadium saying that it's going to be up to the local team, local authorities who want to make sure the fans stay safe. do you think that's realistic that this football season fans could actually be in the stands? >> we're going to see it we're going to see it in week one with six teams now that have said they've created some type

of infrastructure to allow a portion of their audience to be in the stands with appropriate ppe and guidelines we'll see that number increase we're tracking on a state by state basis. i heard commissioner goodell talk about their media rights. we're at an interesting time right now where most leagues are discussing media rights deals. >> it's dan. thanks for joining us, bud you guys just got through with this tremendously successful bubble championship series that you spent months and months planning for you're just talking about media rights how much did it matter to you guys i know that you love connecting with your fans but you have this great partnership with nbc sports did that kind of fill a certain

gap in your mind and did you outperform your expectations as far as the product that you guys delivered to the fans? >> last time i was sitting across from you guys i was in utah as a player so i had a t-shirt on. now i'm trying to pose as an executive here we did what we set out to accomplish and we're more agile as a startup league. we've used sports pretty simply. it's a media company with live ip if your new yotwork or cable provider, live programming is the last fire wall for viewership which translated to affiliate feeds, licensing opportunity and advertising. our viewership benefitted from being able to be close up to 40% up year over year with viewership there were major indicators as the networks right now watch how

these live sports perform. another example is with peacock's rollout with nbc and having 10 million users now create profiles. they'reexperimenting with epl games exclusively. they're also looking at pga matches being provided exclusive to peacock traditionally networks are looking at s-vods just for original programming. >> paul, thanks so much. we'll see you in the next hour all this talk about sports got us craving a big gulp of water we're watching the rise in prices of things you use every day. let's take a look at bottled water. that's up 5.3% compared to the same time last year. up next, your final trade. os to serve our customers...

and deliver our products. but no matter how things change, one thing never will... you can rely on the people and the network of at&t... to help keep your business connected.

time now for the final trade. let's go around the horn karen finerman. >> always looking for value. it's harder and harder to find but one space that i really

still like is home building. that takes me to lowe's which i like actually a little more than home depot now >> dan nathan? >> bank of america had a note out on social media today. they said snap, big beneficiary in july, huge world wide download levels up year over year trade snap off 21 bucks to the downside that's your stop. >> bonawyn eison. >> crowdstrike. >> guy adami >> you probably play ed in high school. >> i did. >> paul ravle could be the commissioner of any one of the sports without question. he gets it in a major way. i'm with dan nathan. draftkings good luck on the 6:00 show.

>> thanks. that does it for this hour don't go anywhere. a bonus hour starts right after this break [ beeping ] [ engine revs ] uh, you know there's a 30-minute limit, right? tell that to the rain. [ beeping ] for those who were born to ride, there's progressive. [ beeping ] we're committed to making college more accessibley, by making it more affordable, that's why we're keeping our tuition the same through the year 2021. - i knew snhu was the place for me

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a bonus hour of "fast money" starts now jim cramer is off this week so tonight we're answering questions about stocks you're trading now. we want to hear from you so tweet us @cnbcfastmoney. now that tesla and apple have done it, you might want to know if the splits will keep coming we'll piece that together. jim is here in new york and opened that back up. can at least suisure continue t stretch? just didn't get enough of "fast

money" premiere lacrosse league paul will be back with this bonus hour and just like you, he's opening up his portfolio for traders' evaluation. that and more ahead. we'll start off with a question on amazon that has been on the top of mind for many of you out there. >> hi, my name is raye i have a two-part question do you think amazon will ever do a split? the second part if they don't, is it smart to have a share or two? thank you so much. >> bonawyn, there is a lot there. >> one of the only huge names that hasn't made a split is berkshire because he didn't want retail investing amazon paid attention to tesla, apple and i would expect them to follow suit or at the very least, i wouldn't be surprised regardless of whether there is a split, again, i want to reiterate no value created or destroyed because of the split

i do think it makes sense to own the shares and i understand that now we're talking about stretch valuation, 67 to 71 times but this is a name from cloud computing to distribution centers to groceries and it has a balance sheet that's literally awe inspiring cash management, free cash flow, i mean, it's got everything you want manageable debt load it hard for me to fight against this thing it a huge. >> i get what you're saying about the share split. what we see in the market and where raye may becoming from and other viewers, you see the company announce the stock split. even though you know there is no value created, karen, we have seen value created off of stock splits. >> we have seen a lot of value created. the one answer which i've heard which maybe resonates a tiny bit about the smaller investor being able to buy stock is that they

can buy enough to be able to do buy rights or stuff in the options market against it, maybe. that creates some additional demand it doesn't of usualyou obviouslt math amazon, i always thought bezos runs the company without an eye to the near stock term price he'll spend a lot when it's time to spend and sometimes we'll see quarters where the margin expand and earnings are gigantic. they haven't split before, i don't believe since they went public so that actually makes me think that they are not likely to split second part of the question, do you want to own it i mean, it isn't cheap, but i do think there is some room in a long term portfolio that incl e includes amazon. >> dan nathan, what do you say >> well, mel, you know what they

say about the honey badger he don't care. he don't care about whether you can over write your amazon shares or not. he's going to do what he's going to do. one thing that is interesting with fidelity and t.d. and the likes, you can buy fractional shares now so if you want to buy, you know, $1,000 worth of amazon, they let you do that even if you can't buy one share for $3500. that sort of thing i think there is other alternatives and i don't think people use options like this anyway that shouldn't be a reason i don't think they will split shares or care what the market mania would do to it one way or another. as far as owning it, listen, of course you should own it prepandemic was interesting. they were taking 50 cents of every dollar in the e commerce space. they are doing a great job their cost have gone up. what have we seen in the last month?

a lot of retailers were forced to get better at e commerce and the upside is in e commerce. we saw it in target, walmart, best buy and dick's. i think they might have more competition. they were literally running away with it seven months ago and they may face stiffer competition as it relates to these other retailers, bricks and mortar retail ilershaving to figure it out. >> let's get to shopify open 170% year over date and we have a viewer wondering about the long-term trajectory. >> hi, i'm frank from new york i'm calling about the stock shopify. i really like the stock. i love the business model. i love the fact that it caters to e merchants of all sizes. my question is i entered the stock at 1050. does this stock have more room to run should i add to my position, or

should i hold and maybe wait for a pull back? thank you very much. >> dan, what do you tell frank in new york? >> well, frank, it's obviously a thoughtful thing you're new to the name this stock had a massive, has sie -- massive run. from a secular shift standpoint, we talked about as it relates to amazon and competition they have coming they are powering that for a lot of much smaller retailers so to me, i think this is clearly a story that you want to stay long you made a decision to buy some here what i would say is wait a little bit because you want to average into something like this rather than just kind of paying the tops you started paying near the highs. let's see what happens you know, it is a stock market mania and this is clearly participating or is one of the leaders but really, depends on your time horizon. if you have a long-term time horizon, wait to add to your existing shares. >> let do a time for a trade school when we say average into

a name, what does that mean? >> so averaging in means you buy some let's say he bought some let's say today he bought some today then you wait, let's say, a week or a month you choose however time frame you want and put the same amount of money into work. that would be dollar cost averaging. so if he owns 1,000 shares now, he would use that same amount of money a month from now and buy that much dollar worth of stock wherever the price is. so that's averaging in that's called dollar averaging where you spend the same amount of money over various periods of time and that gets you an average price over time because it's really hard to pick the bottom in any name i've never been able to do it. very often, i just average in. i buy some over time. >> yeah. thank you for the chime. i like that. bonawyn what do you say about

shopify? >> i think it still an up trend but testing the lower bands thereof. i would see if it holds the 50-day moving average. it hovered around there. if you own it, i don't think you need to rsh oush out and sell i. in terms of adding a sizable position, as the other two panelists eluded to, you need to be conscious and aware of the price you pay. >> jim has the green light to open in new york city today and the next viewer is looking at a play on a potential fitness boom. >> what's going on cnbc fast money team it's adam. i'm calling you from the great state of north carolina where finally the gyms are open. that being said, is now the time to invest into lululemon thanks for your time. >> bonawyn, what do you tell him? >> is now the time no i want to answer your question

very specifically. i think this stock bottomed around 150 and shot from 150, 300, consolidated and ran again straight up from 300 to 400 and i realize the price target has been raised 445. from a risk reward standpoint, you probably got about 10% of upside and maybe got 15 to 20% of downside. i'd wait for a pull back here. the stock has run too far, too fast. >> i think inherent in this question, karen, is this notion jim's reopening could be the catalyst for lulu when i would argue how the need to wear proper pants at home is really diminished during a pandemic and you're much more likely to go for a yoga pant. >> yeah, diminished down to zero, you know, if the camera grows from here up [ laughter ] >> that has been the driver of this name by a lot so to the extent that names that were -- first, this one wasn't

seen as a beneficiary of the pandemic, but then it sort of evol evolveed to wow, the online sales well positioned for were gigantic and the stock as bonawyn pointed to is huge it trades like they are working on a vaccine that's how crazy the valuation for this name has become i love the name. i had a nice run in it i sold most of it. a little over 300. i'm very sad about that. but, you know, that happens. i would not buy more right here. i would not start a position right here. >> dan >> a little fun fact about our friend bonawyn we used to sit on a trading desk together eight or nine years ago and he used to go and do boxing, kick boxing before the market would open and come in and layout his sweaty gym clothes on a hermann miller chairs behind us it was a total mess.

it wasn't lulu, i'll tell you that i think you were like nike toe to toe or head to toe there. that was really one of my first impressions of bonawyn now we're just social distancing a little bit here. this stock broke out at 325. it's been straight line to 400 i would look -- this is a great company doing a lot of great things i would look for an opportunity again to buy this near that breakout level of 325. >> our next guest is not only a former lacrosse star but also an investor with a stacked portfolio. paul rabil, the co-founder premiere lacrosse league is back with us. paul, you've been active in the markets over the summer. did you get more active over the summer because of the pandemic and what do you hold right now >> yeah, well, i'm long on big tech as we've all seen not only covid act as an accelerator for us at home but look at solid balance sheets and cash on hand, minimal debt and the ability to scale up and scale down quickly

and i know as a day trader today, you see a little fall back on tech and opportunity for some people to get in. but tech has a major play in my business, as well, as it's enabled us to start the premiere lacrosse league and purchasing media rights. >> right what questions do you have for our panel tonight, paul? >> well, i'll start with tech, and we look at apple taking 20 some odd years to reach a trillion dollars market cap valuation and then they quickly get to above $2 trillion because they bundled their services and are getting a valuation on revenue. how do you guys think about apple right now? >> that's a very good question and one that a lot of people out there are asking karen, why don't you tackle that >> yeah, well, i think there is a little -- this trillion dollar thing is a roger banister, is that his name, who broke the mile mark and after that -- >> there you go. >> it could be done and after that everybody felt like oh, it could be done so you saw it broken again and again

once that trillion dollar mark was, you know, crashed we saw a number of companies go through it i am long apple. i'm a little distressed how the valuation has changed in terms of the multiple of earnings. i don't like that to be the driver of why a stock goes higher i like it to be good earnings. they did have very, very good earnings and i'm optimistic about the 5 g prospects for them but i'm nervous about how relatively expensive it is however, that having been said, i do believe this market is somewhat rigged and that equity valuations are propertied up higher and so i don't have an alternative. i'm keeping my apple. >> all right paul, what's your next question? >> all right another feature of sports. we look at previous caller ask about lululemon. i like the back and forth there. in sports we typically have your official outfitter as nike or adidas both companies are preserving cash and pulling back on marketing as a jostle for 2022,

2023 market share. how do you view the coming of the holidays and some of the direct consumer strategies and that stock in particular >> dan, what do you tell paul? >> yeah, in nike in particular, it's interesting this is one where you would have expected for a lot of the reasons we said about lulu investors might have been a little hesitant here but the stock is broken out and keeps making new highs every day so when you think about what does the holiday season look like nike is obviously trading into the olympics so we have that catalyst coming next year. we know if the nfl is on, that's good promotion we know they have done an amazing job in the directed consumer and that's a huge did i have difference. i like nike. this just broke out at 105, 106. i know you can't even consider the fact that stocks go down, but let me tell you something, i've been doing this a long

time they do go down. you'll have opportunities to buy them take a line and draw it where it broke out. that's where you add back into a name like nike in my opinion near 105. >> paul, thanks for sticking around i hope you got answers. >> definitely. thanks for having me. >> paul rabil. we have more ahead, a fundamental question about vm wear from the future karen finerman, you see what we mean much more "total request fast money" ahead what if you could have the perspective to see more? at morgan stanley, a global collective of thought leaders offers investors a broader view. ♪ we see companies protecting the bottom line by putting people first. we see a bright future, still hungry for the ingenuity of those ready for the next challenge.

today, we are translating decades of experience into strategies for the road ahead. we are morgan stanley.

♪ if i could, baby i'd ♪ how can i, when you won't take it from me ♪ ♪ you can go your own way ♪ ♪ go your own way your wireless. your rules. only with xfinity mobile. welcome back to "fast money" special edition. we answer questions including this next one that comes from a 12-year-old "fast money" viewer. >> hi, i'm sam from oakdale,

california and i'm wondering about vm ware. their market cap is $60 billion and dell owns 81% of the company, which would be $50 billion in interest. somehow, dell's market cap is only about $50 billion so either vm ware is over valued ordeal dell is under valued. my dad and i are curious to think what karen thinks because she's the smartest investor on the show. >> sam is clearly extremely savvy and she has identified karen as the smartest member of the panel. what a question, karen it's a very good question. >> it is a good question i take a little issue with the smartest investor on the show, but first of all, i was a 12-year-old girl in california at one time and i could tell you, even as interested in business as i was, i didn't know what a market cap was and wouldn't have asked as

sophisticated question as this thanks for the question. you are half way on to something but there is another half that might not have been apparent, dell has a lot of debt, too. so when you think of the valuation of dell, you can't just look at the market cap. you have to look at the market cap, plus the debt and that gets you what we call an enterprise value. so that's actually a much higher number so when you back out, the vm wear, there is not the big disconnect that you had identified the second thing is they own their stake in vm ware and people don't fully value that sometimes there is tax implications so people don't love that structure. the last thing is dell has said they're going to spin out their vm ware not sell it. so they're not going to be getting that cash in they're going to be distributing

to shareholders who own dell they will be distributing vm ware that's some of the reason of why the disconnect valuation seems to be so apparent but seems to be so big but it's actually not and then in terms of would you want to own it, that's a different question i actually kind of like dell i think that they reported sort of conservative guide earnings and guidance i like the company long term michael dell is a genius and buying and selling assets for the long term i'd want to be betting with michael dell. so thank you very much for the question good luck. >> and the compliment, right, karen? by the way, we showed a picture of karen when she was a wee lass and she looked pretty smart to me awe, look how adorable. >> oh, no, is that the one with the bow in my hair >> with the bow. you should sport that bow today. dan nathan, what do you say about dell or vm ware?

>> great question. i agree karen is by far the smartest on this panel but i hate to tell you, karen, that is not saying a heck of a lot [ laughter ] >> but, but, but, but listen, you know, this is a very complicated case you know, the dell vm ware thing goes on for more than ten years here you probably want to look at them together and look at the c opportunities and that spin will obviously benefit dell shareholders to me, i think dell is outperformed vm ware if you like virtualization, if that's your thing out there in cali, this stock probably looks poised for a rally here, good valuation, that sort of thing hasn't really participated to date but maybe a little value trap but to me, you don't get hurt in the vm ware here. >> sam, thank you for your question and we encourage you to keep watching the show. still to come, remember that lane from "ghost busters" cats

and dogs living together if they did, they would need home delivery service. we'll put these two to the sniff test. later, could pins cushion your portfolio we'll get down to the point when we return. when the world gets complicated,

a lot goes through your mind. how long will this last? am i prepared for this? are we prepared for this? with fidelity wealth management, your dedicated adviser can give you straightforward advice and tailored recommendations, with access to tax-smart investment strategies designed to help you keep more of what you've earned so you'll know you're doing what you can for your family and your future. that's the clarity you get with fidelity wealth management.

welcome back our viewers wondering if this e commerce play is the cat's meow. >> i'm charlie calling from new jersey with the federal reserve announcing they will allow inflation to run a little higher than normal and the increase in popularity of online pet supply shopping, would you recommend investing in something that has more of a value focus like pet med express or something more focused on growth such as chewy? thanks. >> charlie has a strong hair

game charlie, you're a dog dad. what do you tell him >> really interesting question a lot of investors since fed chair powell's speech and the inflation strategy that didn't seem that new, they can't achieve the inflation targets they have set out for the last decade or so i don't know why we expect it to happen nowwith rates low because rate haves been low for the last decade. you want to go for growth. you want to go for things where valuations can get stretched chewy is an interesting company that goes back to stuff we were talking about before where some of those bricks and mortar guys had to figure out how to do e commerce these guys were e commerce first and hit a niche where we know there is tremendous demand it almost like a staple and then when you think about in this pandemic, we saw like you mentioned in your comment, we saw tremendous uptick in pet adoptions. chewy is fine, decide what your

time horizon and is say i'm entering a position at an all-time high and how will it go 10, 20%. >> bonawyn, how do you feel about the space? >> which one sells muzzles so we can ship one to guy? listen, i think when you're -- [ laughter ] >> don't go there. >> that's a different shop [ laughter ] >> i think when you are talking about investing and paying for a premium multiple, you're paying for growth as dan said, listen, this thing has shot straight up pick a point in the sand and own it from that point there but in terms of would i rather, i'd rather growth. you haven't seen pets sell off into that sell off the way you did a lot ofother names. that speaks to the elasticity of it being a mainstay but the main

side is the growth name. >> bonawyn is only half joking i don't want all these jokes we love frip alip and russell a they can park whenever they w t want. michael is asking i have a high growth tech portfolio i'm trying to diversify. would you recommend gld? bonawyn, what do you tell michael? >> back at me. listen, so in terms of diversification, it makes sense. if you look at people much smarter than i am, bridge water associates and any other large asset manager, there is going to be rotation into it for a couple reasons. one, you're seeing any ev incre in the vix there is one reason. fiscal stimulus, what that might speak to long term there is another reason. if you look at sovereign rates,

debt anywhere around the globe is not paying you anything to hold it. all those reasons in addition to the fact you're probably diversifying from a stock portfolio that has run up tremendously, those are all good reasons for diversifying a guilty thanks for the question. >> karen, what is a good hedge for a high growth tech portfolio? >> i think -- well, i guess there is two parts one is a high growth tech portfolio is the beneficiary of the pandemic in many ways. so to counter that, you might want to be in something that's very reopening centric or vaccine centric so maybe a cruise line or something like that but they bring up the question of gold i actually think there say place for gold in a portfolio because of this, you know, gold will do well when fiat is in trouble and we're setting up for a situation where that could happen. so to me, i've chosen bit coin

but i think gold and bit coin are actually sort of somewhat moving together over the last year there is a place for it in a portfolio. >> dan, how would you diversify a way for high growth tech >> yeah, you mentioned on the 5:00 hour we're past the pandemic and he wants to move across to cyclicals. on the next question, i think i don't want to step on it but i think there is a couple groups that make sense especially this market needs to broaden out. when you have two companies, amazon and apple that represent $4 trillion in market cap, each up over 85% on the year over 100% from their march lows, you say to youryourself, how much lr can this go on and the risk? if you think the market will continue to rally, you'll see a rotation into other names and we saw that a little bit today

especially with apple down 2% and the s&p 500 closing up 1.5% on the day. >> let's go to another tweet patty asks thoughts on investing now. karen? this is your wheelhouse. >> yes this is my wheelhouse. it hasn't been the best wheelhouse during the pandemic i have to say but i do own the big three. actually four. jp morgan, citibank, bank of america and wells fargo. they will move together. so clearly, the market is right to be worried with credit losses and so the banks have been writing off or provision with billions of dollars and continue to do that for several more quarters the market i think is accessibly punishing them with how bad the credit losses will be. this is a very different one

than the 2018 c08 crisis so i tk the valuations are attractive but market clearly disagrees with me but we'll start to see i think october 14th or 16th, jp morgan will kick off the bank earnings season and investors will start to look towards 2021. i always say if you go home long a stock, that means you would buy it right here so i would start if you don't any bank exposure, instead of an eft, i would start with jp morgan the premiere shot in the industry. >> what do you think about banks and whether or not they have been over punished >> yeah, they definitely have been over punished and haven't participated in the rally but i mean, honestly, i give them a lot of credit for being transparent and provisioning for losses it seems like so many of these other sectors have completely disassociated themselves from what is going on in the real economy and i think the banks actually have a pulse on what is really going on. a lot of karen's comments, this

is really her wheelhouse i'll add a lot of banks are trading at -- aside from j.p. morgan because of where the sector but a lot of these are trading at or below book value that's when i start to see bargains and so yeah, i've started dipping in myself. >> so much more "total request fast money" to m come what is brewing in intap these days, businesses are adapting to new ways of working. and innovation is at the heart of it. verizon 5g ultra wideband is the fastest 5g in the world, with speeds up to 25 times today's 4g networks.

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welcome back to "total request fast money" where we're answering your most pressing stock questions. the next one from jason in

minnesota on the hunt for a dividend play. >> hi, guys. this is jason from albert lee, minnesota. i have long positions in apple, amazon, jp morgan andhormell i'm looking to add verizon do you have any thoughts thank you for taking my question. >> bonawyn, what are your thoughts on verizon? >> listen, i think it's around 58, 6 0 and ran up today. it's in line with where it's been historically. this is more specific to you considering the names you own in your portfolio, i think something like this makes sense. i just don't think it has the same upside but it doesn't sound like that's why you're playing looking for a bit more stable cash flow generation that's a sound investment strategy. >> karen >> i can echo what bonawyn said

and i like what he thinks about portfolio management, not just an individual name he has a good diversified portfolio. i personally don't like to buy things for a dividend as that being the main reason because, you know, they can cut the dividend or the market can move and it could trade through what the value of what that dividend was for no particular reason so i understand the desire for it but i think if you have a good nicely rounded portfolio or room for something like verizon, it's not crazy expensive. i think that would work fine and i agree with bonawyn it's not super exciting but also it shouldn't have a ton of downside, either. >> dan >> yeah, so i would kind of stay away from verizon at this point. it just had a big run here i'd look at at&t 7% dividend yield. the stock is down, i think trading above 38 prepandemic or closer to 40 so here you are

just below $30 you know, the company said they will look to off load direct tv that was an acquisition they made five years ago, paid $49 billion for. it is a declining asset. i love the idea they are looking to cut their losses and what are they going to do with the cash for that pay down debt. you know why they just bought timewarner two years ago and paid $85 billion that's a big thing holding this stock back so to me, at&t is a catalyst they got that dividend yield the stock hasn't participated. maybe you see some money move into that over the next few months. >> all right next question comes from jonathan in new york. >> hey, what's going on? my name is jonathan calling from long island, new york. my question is about the stock and company net app. so in this industry it seems like there is a lot of change with the cloud competitors, amazon, google, microsoft and there are a lot of other companies that are fighting for market share in the hybrid cloud

model. i'm wondering what you guys thu thought of this stock or company going forward. >> bonawyn, thoughts on ntap >> it's a two, two and a half year down trend making lower lows and highs this has struggled the margins are definitely attractive but i would wait for this thing to kind of get through the 200-day moving average. the stock is around 48, 49 i would need to see it hold some type of level because a long term trend or medium term trend doesn't look that attractive to me. >> dan, what do you say about ntap >> i think it is okay. i see what bonawyn sees technically. i look at this company and the viewer asked about the hybrid cloud. i see a nine, $10 billion enterprise value, really good balance sheet. there is no growth here.

if you're a larger, you know, you're a large tech company. people have kicked tires on this asset and it might really kind of plug a hole in a much larger business so to me, i think you know just look where the stock was banging around over the last few months that is your downside stop and it looks okay. it sounds like you know what you're looking for it's a cheap stock for a reason. >> all right coming up, remember that catch ace of base song "i saw the sign. you know you do. you'll curse me later when it goes through your head. docusign and square, a question from the owner of the 'rba itwd user of the app. wee ckn o.

we're back with a special total request edition of "fast money. let's turn to a viewer question on docusign. >> hey, "fast money. it's miami joe my question today is about docusign i got into the stock in the 150s and it's shot up to above 250 where it is right now. now it has its earnings tomorrow and i was wondering, do i hold this parastock through earnings or take it off the table i have a high risk tolerance so i'm ready to let it ride. >> miami joe has done well by this one bonawyn what do you tell him >> congratulations for getting in where you got in but listen, take half of the position. take it off the table. you're roughly playing with house money. we've seen what other names have

done post earnings, zoom aside we just talked about crowd strike and a few others that have traded down after blowing earnings absolutely out of the water. so i say take some profits here and then let the rest ride. >> yeah, karen, what would you say in terms of risk management of this portfolio, this position >> precisely the same thing. i know everyone feels they're not risk adverse when they feel like they are going to make money and when you lose money, i guess i was more risk adverse than i thought maybe you can take, maybe you don't need to take half. maybe take a third off just something so you feel like you know what? i'm going to live to fight another day for sure and that's going to be the way to build a lot of wealth over time. so i would sell some. >> longer term dan, your thoughts on docusign. >> yeah, it's a great product and this is another great example of the pandemic accelerating, you know, the use of a product by necessity,

right, pulling forward, you know, probably a lot of demand so you're going to see much, much decelerated growth going forward once we get by this period but this is a company that has reoccurring revenue that's the name of the game here it's a 49 billion-dollar market cap. i would have thought this is a feature on some sweep product adobe has or something at $49 billion as a stand alone, they are going to face competition from big ones and we know jeff bezos used to say your margin is his opportunity, i think that's the next stage of the game these tech bs are going to say i can go after that and integrate that i don't need to buy that i can build that that's the risk. the stock is up 250% it sounds like you're inclined to take profits on a portion of it. >> miami joe, you got your answer payment processer square is up over 150% for the year

we have a viewer that wants to circle back on the stock. >> hello, "fast money" i'm wondering if square sq is a buy. i'm a big fan of cash app and my parents' restaurant uses the square echo system for credit card processing. today's pull back, does it represent a buy? >> and certainly with all the stimulus money, the cash app has seen the benefit karen, what do you say about sq? >> yes, so i think the stimulus money is really a benefit but i don't know that's going to be a continuing revenue stream. so the excitement about cash app, i understand it, it sort of makes square somewhat like a bank which trades at a very, very, very different multiple than what scaquare trades at an also think i love the company. i love how innovative they are and the vision there but i think that small and medium size businesses will be getting hurt. that is an important customer base to them or most important customer base so the stock even with a little pull back had a

huge run it's just, i wouldn't be a buyer at this level. >> dan >> yeah, i agree with everything that karen said on that. the small business one is a big one. listen, if you started using the cash app during the pandemic, it's very unlikely you're going to stop using it those behaviors will continue. cash is probably going away. that's been jack dorsey's pitch at least for that portion of this business and the small business in a box that they offer, the point of sale stuff and other cash management and all that sort of stuff is fantastic. i just suspect that 2021 will be a hard year. this is a name our group is all over this i will tell you, though, we kind of got off -- we kind of got off sides a little bit a couple months ago when there was an analyst that did a double downgrade saying went from a buy to a sell because of the small business head wind, it clearly

didn't happen but again, stock market mania that's why it's participating. buy this on pull backs. >> bonawyn, what do you say about square >> i mean, it's another example of one of these pamoves. karen pointed out the sme and medium size business exposure. we got to take that into consideration because that's not where the debt is going. that's not where liquidity is. that's main street and what you need to factor in. it made one heck of a move and i'd like to see a bit more consistent profitability from them before i put money to work. >> all right let g let's get right to the point of this next question. >> hey, what's going on? my name is greg. i'm from long island, new york i follow these great guys on the my wall street app that are bullish on pinterest in july and they are up 40%. wonder where you think the stock can go from here and the direction they are taking. thanks. >> dan nathan, what do you

think? >> yeah, i think intermediate term, i think the stock goes much higher. when you think about the global pie of online advertising. if you think where these guys sit as it relates to social commerce, that sort of thing, you know, i think they are really well positioned and such small market shares. so for me, i see in the future increasing partnerships. i think if walmart and microsoft were to biuy tiktok, you can see someone buy pinterest for a reason walmart is interested in having access to that platform and microsoft for that matter, too. so this one is clearly in play i'll make one last point when that stock rocketed last month after the earnings, you know, on a gap basis, they really narrowed that loss and that's the big thing that i think investors are looking at so you have a 25% revenue grower that's not robbery going to cha time sign. i like pinterest i sound like a broken record but buying things up 100, 200% in a

short period of time at all-time highs is not my game i have liked this thing. i have bought this stock on pull backs. i don't like it here keep it on your radar. we'll have a pull back at some point. >> i would imagine this is a pandemic beneficiary for people at home. they are on these sorts of platforms more we seen it time and time again whether it be twitter or facebook or etsy or pinned. >> right kudos to dan who really has been on this one. this is twitter or facebook, i'd rather be in facebook just, you know, the growth there is tremendous, as well. the valuation is a lot more attractive to me and so, who knows. it was interesting what dan was saying about pinterest as a potential target i don't know if this regulatory environment, if that takes some buyers potentially out of the game but he's been right on this one for sure however, all that having been said, i'd rather own facebook and i do that's where my money is.

>> there is still more "total request fast money" on the horizon. we'll ask our starboard of traders, the bad punts -- this is terrible. let's go to break.

welcome back to "total request fast money." we're back with the final questions. this is one stock the investors hope will cruise higher. >> hi, my name is andrew newman

from long island, new york my question is on royal caribbean cruises. and 67 and is there enough cash to navigate multiple quarters with this in mind, do you recommend buying the stock with the price of 50% thank you. >> bonawyn, what do you say? >> i'll raise my hand and admit i was the first person to admit this from the bottom so i'll eat my humble pie. i know, i don't like it. listen, if you have airlines and the debt balance aside which is definite definitely all this business travel that drives them and if they're

struggling and they can't fill seats, i have no idea. i want the exposure of the cruise lines, coronaviru the leisure aspects. there is pain to trickle down in the main street and this one even down 50%. >> this is the ultimate economy reopened trade, karen. >> i think you have to look. you can't just look above the water line you have to look below the water line and see where the debt is this company, they had to. good for them for being able to get it done. they had to take on a lot of debt to be able to last however long it's going to be before they can operate at anywhere close to make money. so i understand the stock is

still off its highs but the enterprise which is the stock plus the debt to me that's not well off the highs so i definitely think bonawyn missed the bottom for sure and this is only half way back, i'll miss it again. i'm not a buyer here. >> yeah, dan >> yeah, i mean, i'll say this missing the bottom in royal caribbean in the middle of a worst health crisis in 100 years, which was the poster child for floating coronavirus back in january and february, no thank you. it's not something you need to kind of dip your toe in. you can kind of probably, you know, close your eyes and throw a dart at your board and you could have found back in march the stock that would have been a much better bet than deciding to buy royal caribbean. at 68, $69 doesn't interest me you cut me out mel on the bank conversation and i don't know if you've been noticing this but

i've increasingly over the past couple weeks have been more constructive on the banks. the further we get in the year, the closer we get to what karen said about those q 3 earnings in mid october is the other side of the pandemic or closer to the other side and then i would say to your self-wraself rather thal caribbean, i would look at 30% i'd probably do that over something. >> that was going to be my next question since you are panning rcl. if not rcl on a bet the economy will reopen, then what stock >> you know, i mentioned gs. maybe a week or two ago. i think it trades like 60%, 68% price to book. that seems like value to me. it's lagged and you're getting a value play. >> goldman sachs let's swing in another viewer tweet. what are your thoughts on gilead dan, why don't you field this

one. >> yeah, this one is really interesting. this stock has been left for dead a stock we talked about for a long time on "fast money." i know pete liked it he used to trade it off the 60,0 65 support and get a nice trade in the 70s cheap stock, great balance sheet. this remdesivir and coronavirus treatment got a lot of excitement back in the spring. the stock traded as high as 85 and round trip that entire move. it's trying to find a bottom here it bounced off of 65 the last couple of days i kind of like it here, man. i think that the story is going to be there is no vaccine in 2020 some of the therapies will be the way to go. some of this rapid testing will be the way to go and those are going to be probably pretty descent plays if it looks like once we get by the no vaccines we take it slow and lean into other things we should have been doing, mace masking,

tracing. >> bonawyn >> you took the words out of my mouth again, mel, thank you. the ibb is how i like to play it i really think it's not about the virus. i don't want to be honed in on one specific thing i think the invasion is going to come across treatments, viruses and everything so that's the way i'm playing it. >> that does it for us we'll be back tomorrow with another supersized edition of "total request fast money. "shark tank" is up next. yup! and that's faster? faster, yea! but is it reliable? ah huh and secure! you should consider making a big deal about it! bigger? i said bigger! oh, big-bigger deal bigger than what i'm doing? it's not complicated. a 5g network needs a 5g device. now everyone including existing customers can get a free samsung galaxy note20 after trade-in.

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