when the pandemic ends, it's not like the pets go away so you're going to be spending on them. >> that's good analysis. >> the title was misleading. i was hoping it was going to be examples of people using child like excuses for their work. we're out of time. i'm melissa lee and this is "fast money. tonight's trader line-up guy adami, tim seymour, karen finerman and dan nathan. sheila bare is with us her take on the health of the big banks. plus sky high outrage as the airlines see another taxpayer bailout. why this proposal could hit some major headwinds. we start off with what could

be the next big short, real estate four reasons why we are asking that question tonight. first, the jobs market jobless claims coming in worse than expected pointing to an uptick in layoffs. plus a stimulus stalemate, goldman sachs slashing its numbers in half as congress stalls on a stimulus package many big businesses rethink the need for large office space. when you put these factors together, is real estate a house of pain? could it be the next big short tim? >> well, maybe number five are those new home sales numbers that came out today that showed the exodus out of the northeast into the south is very pronounced you've basically doubled the amount of new homes in the south region from april from around 330 to 630 northeast isn't growing. a lot of these are major metropolitan areas and a lot of

these are a function of the work at home. with that, i think this is something that's very, very concerning also, as with markets you have to look at the commercial real estate a function of where have we come from where we've come from is a place where especially as it relates to commercial office space and as it relates to a lot of the buildouts and the attachment because of zero interest rates that have allowed a lot of inefficiencies in the underlying properties but still works out or have worked out i think it's something that's very concerning, not just a little concerning. i think we're still earlier in that trade because the reality is there's still a lot of people hanging on work from home is not changing i don't know that we stay in this capacity, but location independence means that major urban centers do not need people in big commercial office buildings like they used to. no question. >> this question tonight, karen, is a little bit different from how we typically start the show.

it's sort of a thinking question people see these trends out there. >> we don't normally think. >> one plus one plus one together, does that equal four or does it equal a five in that this could be a tradeable trend here that's why we're asking this question people are sitting at home seeing all these things unfold and thinking is there pain in commercial real estate, is it time for some sort of a trade here >> well, tim touched on the most important point, which is zero rates. that has been the balance that has allowed the real estate trade not to completely fall apart. the lower rates are, the higher the multiple of earnings we don't know what the aernearns will be. this exodus is, i think, still early. you know, i look at the premier kind of name like a boston property it is only a little bit off its march low. it's a premier name but they're going to own premier buildings

that have higher vacancies than they're used to. the stock's come down a lot. i don't own it the other one to me, new york city is not really where you want to be vornado has a particular emphasis on new york, a particular emphasis on hudson yard so that would be one even though it's not far from the bottom, i still wouldn't buy it here i've kind of stayed away from the whole space. if rates move the wrong way, if rates move higher, there will be more pain here. >> dan, you and i currently live in new york city there are other panelists who have their permanent residences there but not currently residing there's a lot of homelessness, crime is up. ceos have written the mayor complaining about the quality of life it's only a matter of time until they decide, you know what,

maybe new york isn't cracked up for what it's supposed to be considering how much we're paying in rent and how little of a footprint we actually need. >> i think that's a real near term thing right now if you're on the streets of new york city in the last few weeks, you realize this city has come back to life there's a lot of residents who have come back to send their kids back to school. let me tell you i've lived in new york city for almost 25 years. i remember what i was like after 9/11 and the global financial crisis these were really blips for this town for all intents and purposes i would expect the same thing to happen here. i understand this is a different non-quantifiable situation as it relates to commercial real estate, but the people of new york who have been here for decades and decades who make the city what it is, they're not going anywhere our friends who were out there at the beach or wherever they up in the country, they'll be back. there are lower lows to come,

but the one thing i'd say to karen is interest rates aren't going back any time soon i expect you're going to see the google and the amazon and all these guys to come back in here and buy the lows of a lot of this real estate these hubs, wall street, hollywood, silicon valley, washington, d.c., all of them, they are massive innovation centers and i just don't think that 100 years of progress are going to be transformed especially when we're looking at the covid situation in the rear-view mirror at some point in 2021. >> dan is playing the role of the optimist so many people in the past have written the obituary for new york city and other urban centers and they've all rebounded in every single instance where do you stand >> you started the show saying we're going to start tonight with a thinking person's question that leaves me out

people are fleeing the cities and municipal bond defaults are at the highest they've been in ten years. i worked with meredith whitney for a while and she called the bank problem back in the day if you think about what's going on in terms of cities, cities are in trouble there was an article two days ago discussing exactly what we're talking about now. i don't know how that manifests itself into the u.s. equity market but it's not encolonurag. we're on the precipice i think there's going to be a real problem with muni bonds going forward in certain cities. >> karen, are low interest rates, is that going to be the savior of a lot of these we've talked about so many

sectors managing to get to the other side is this another instance where if they can get to the other side, whether it be one, two, three years down the road, they're in the clear because interest rates are still on their side >> yes that absolutely could happen but that doesn't mean the stocks are a good buy here. i think there's more pain to come i love new york city, but i think as tax rates go up, which they very well could, we could see more of an exodus of new york city. you read all the time about people heading to florida. taxes are better, the weather is better i think those people are often highly paid in the financial services they're leaving and maybe opening offices down there i'm a firm believer in new york coming back. i just don't think that means you need to buy the stocks right here. >> let's settle the score. is real estate the next big short? joining us is jonathan lit

what are you thoughts and specifically about new york city real estate? >> we wrote a paper on new york city real estate back in may where we suggested there's going to be a lot of trouble ahead we estimate office values will be down about 40%. it's really a game of stay alive to '25 i think guy said that we love new york, i love new york, the energy attracts the best and the brightest. that's not going to change, but between now and '25 we have to get these office rents down, the occupancies are going to come down, the values are going to come down. the debt is going to have to be restructured between when the city thrives again, which it will once we get through this reset, there's going to be more pain to come. we said that in may.

people a companies are trying to get people in the office there's a lot of resistance. the fundamental problem is the work from home phenomenon is here to stay it didn't work post 9/11 it works now the technology is there. >> in terms of hitting this trough metrics jonathan, where are we in this process how much progress have we made to go into those lows? >> it's just the tip of the iceberg. you don't have the reset of rent you don't have the leases expiring and people shrinking or not renewing their leases. we don't really know what the net operating income of these assets is going to be. there are some parts of real estate which are seeing a major boom from covid. they were in good shape before they're in better shape now.

so real estate gets painted with a broad brush. there's a lot of stocks which are up for the year and which have really excellent prospects. >> you're long residential home builders, correct? >> yes >> and then you're short what then if your thesis is so strong when it comes to being at the tip of the iceberg in terms of the pain in new york city real estate, is it empire state real estate, how long have you been in this short and how does this play out for you? >> we don't comment on what stocks are short we did in our white paper highlight empire state empire state has multiple problems they have the observatory at the top of the building. i think the observation deck is going to be challenged the empire state building is a

lot of smaller, lower credit quality tenants. i think they're going to skip or they just won't renew their leases then the retail, which is getting decimated right now, is going to see deterioration it was before the pandemic and it will post the pandemic. i love new york. right now it's not a pretty place to own office space. >> i love new york too new york's not the only city in fact, there's probably folks watching our show around the country where across urban centers, commercial properties and commercial real estate, at least on the store fronts, have been empty for years you go around major cities and you've seen empty store fronts well before covid. can you explain the dynamic of were they in pain the last couple of years or was it the idea that they were getting the rents and the rest of the yields made those overall investments very attractive?

or were they hanging in there and is that part of your thesis right now? >> we had strong fundamental trend precovid-19 in single families for rent and warehouses and data centers and cell towers that hasn't changed. even in a market like northern california, you're seeing an acceleration but for sectors challenged before covid, it's gotten wors , it really is a tale of two real estates. one which is under an enormous amount of pressure, has seen a permanent impairment to value. to karen's point, we are at record low rates cap rates are going lower. for assets that have good underlying fundamentals like warehouses and data centers and single family for rent, you're going to see a material valuation uplift and really

incredible growth out of those companies. >> thanks for being on what are you seeing in the commercial mortgage securities market what is the debt market for commercial real estate look like now? >> yeah. i don't think it fully reflects the damage we're going to see in the hotel and the office obviously it was well known in retail pre-covid but i think there's going to be a lot of trouble in the hotel and the office space out there it's probably going to get worse before it gets better. >> in your view, is the real opportunity on the rate side of things or in the debt market >> we're equity investors. that's where we concentrate. for debt investors, i think there will be some interesting opportunities. >> tim mentioned we've got viewers from across the country, what we're seeing in new york, i know you've done a lot of work on new york city, but is this

basically a microcosm of what's happening in other urban centers? >> unfortunately the population was already in decline in san francisco through covid. that's declining we're hearing apartment rents down 30% in san francisco. it's just unfortunate. like likewise, if you want to buy a single family home in northern california or you want to rent a single family home, they're few and far between and the prices are going up >> guy adami, a rather sober analysis what do you think? >> stay alive until '25. but what do you do in '22? there are a lot of places that aren't going to be around in '25. jonathan talks about a stock aiv. it's just not performing it's fascinating how poorly the

stock, the security has done on what's been a remarkable tape. if you look at it and say gee whiz, if you want sort of a barometer for how bad things are, aiv, i'm not suggesting you buy it or sell it but you should absolutely have it up on your screen to show you what's going on in jonathan's world. >> dan nathan, you were playing the role of optimist are you still after what you heard? >> i'm not playing it. i just am. i mean, you know you guys talk about stocks go up all the time. our cities are not crumbling they're in the going away. people are sick of being with their families all day they want to get back to work. people in their 20s and 30s are sick of living with their parents again. they're going to go back to the cities where the opportunities are going to be. they're not going to be in rural areas. is america overstored? yes. are the malls going away

yes. has retail been challenged with all of this online shopping that's been crushing it, especially over the last year but over the last decade yes. talk about commercial real estate, yes they're going to have a really hard time. i don't even know the tickers of them i don't know what to tell you whether to buy them or sell them i'll buy new york and i'll average down the whole way over the next year or so and i think we'll probably have a nice bottom at that point. >> in spirit i am with you, dan. but as the host of this show, karen, i will ask you after hearing what jonathan has said are you tempted to make a trade? >> i mean, he's very good at what he does vornado, if i had to do one, that would be it i love hearing bullish dan i amlo long new york real estate

personally i hope it comes back, but i'm not excited at all about what's to come. we haven't seen the rents roll over yet we haven't seen the leases and what those prices will be. >> it's not in the debt market right now. i think that's interesting too. coming up, we are all over the after hours action in shares of costco. later, why sheila bair joins us.

welcome back to "fast money. we've got an earnings alert on

costco shares shrinking after reporting results. contessa >> we saw a solid beat on earnings and revenue, sales increasing since march when stockpiling was a favorite activity of american shoppers. e-commerce coming in 90% higher. the traffic internationally is down 1% in the united states clearly covid is having an impact on the bottom line. costco attributes a $281 million expense for the quarter because of premium wages and the costs associated with sanitation we're getting some insight into what's driving the sales here. it is those core offerings, groceries, pharmacy and the like, online grocery grew several hundred percent. fresh food was an especially strong driver of margin improvement. they mentioned reduction in spoilage still, travel is soft, though it is seeing some modest

improvement. other ancillary offerings are soft finally they're noting some hiccups in the logistical supply chain. they're still having problems keeping sanitary wipes and gloves in these stores they have just started taking questions on the call right now. >> keep us posted. guy, i know you know this, you look at charts all day long. i'm sure you've seen this one on costco it's been an underperformer versus retail specifically during the pandemic. >> yeah. it's obviously trading off here. it came smack in the middle of the range in terms of ept estimates. at that valuation it's not good enough margins were okay. everything was okay. it was not a blowout quarter so the answer is how you trade the stock. i think the stock made a prior

all-time high back in february around 328 quite frankly in this environment, i think that's where you buy it 3 328 is your entry point. >> tim, you like costco here >> i like costco i think if you look at where their e-commerce sales up over 90%, that's a great story. relative to the marginal increase in that business for them compared to a walmart, they're not winning the war here they're winning some battles relative to themselves i think the pressure that's going to continue to come from walmart plus and the pricing power and this was nothing in the margins there that got you really excited that their business is running a lot more efficiently. i think where we may go in the fall with covid-19 should continue to be constructive. this is a stock that although it

had underperformed its retail peers, it was up 25% into this number off of june it's had a nice run into this. doesn't surprise me to see some profits. i like walmart here's what's coming up next >> time to get bullish on banks? one of our traders is starting to see light at the end of the table. plus, sheila bair warned us of danger if ngsscore didn't pass another relief bill. what she says now after months of dead lock in front of you lik. like it's a mirror, dad. you know? alright, okay. how's that? is that how you hold a mirror? [ding] power e*trade gives you an award-winning mobile app with powerful, easy-to-use tools and interactive charts to give you an edge, 24/7 support when you need it the most plus $0 commissions for online u.s. listed stocks. don't get mad. get e*trade

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the back of a pair of upgrades from goldman sachs and wells fargo. the group is still underperforming the rest of the market this year karen actually bought some banks today. which ones, karen, and why >> as you know, i amlong banks i am long jp morgan, wells fargo and bank of america. i hadded added calls and call s expiring october 16th. i'm really just playing for earnings i think it's setting up well into earnings because the stocks have traded terribly they've been a hedge on making money on any of my portfolio i think expectations are so low now that the bar is low. i think there's a good chance they beat by a fair amount and if they don't, i don't think there's that much more downside here i'm playing really for the short-term i think this is too low for

earnings it's coming up october 13th. i think they'll all be that week. >> i think the headline really captures that the banks love the markets in 2020, but the markets don't love the banks >> yeah. it seemed like an easy trade most of the year to fade every rally in the banks and there haven't been too many dramatic ones they're outperformed the broad market here. to me, they were showing some relative strength at the beginning of september but there were no shortage of headlines. it goes back to the rates where they are, exposure to loan loss defaults and bankruptcies. they have a lot of exposure there. they're more reflective of main street than wall street. if you look at the outperformance from investment banks, there's a huge spread there too. to me, i think you could see

bank of america back in 20, jp morgan back at 80, morgan stanley back at like 40 bucks. i think they have one more leg lower. but that mid october week is there a trade there? i don't know if you start that trade today on september 23rd for october 16th. >> let's talk more about the health of the banks. joining us is sheila bair, former director of the fdic. we were just talking about the underperformance of banks, the stocks and we also were talking to a real estate hedge fund investor who basically said there's a big downturn to come yet in commercial real estate you yourself say that credit losses take time to work through the system what does that mean for your view of the banks? >> so i think you do have to distinguish between banks that have significant capital markets

activity to those more the bread and the butter so i think the banks that have significant capital markets activities have actually been enjoying a significant earnings and revenues from those businesses so i think you do need to distinguish in terms of a business model for the banks, their primary focus is lending they're the ones we need right now. a loan has to be delinquent for a certain number of months until it counts as a troubled debt there's a lot of forbearance now. all of that can kind of map what eventually may be the credit losses for bank lenders. i think there's still a lot of questions. even though the investment banks

are benefitting from all the fed support especially in the bond market, i think what corporations in the u.s. have issued something like 2 trillion in debt now. the whole year is a record you kind of wonder how much longer that will continue. but it's going longer than i thought in terms of the big banks. because of the fed interventions and the capital markets, they've been doing better. >> sheila, warren buffett recently pe recently pared down his us bank exposure citi for example trading at 62% of tangible book, is that telling you something of a larger problem we're just ignoring or missing? >> i think that's another

problem with these very large institutions there's really an issue. you're always having these surpris surprises. it looks like citi -- this is endemic to a larger problem they had with their system. i was very disappointed that more of that hasn't been fixed but they are very large, very complex, very difficult to manage so you always have these regulatory surprises whether it's missed payments, whether it's anti-money laundering that kind of goes hand in hand with investing in a large bank you're never quite sure what you're going to get. >> sheila, it's karen.

it takes a while for losses to go through the system, but we've seen front end loading of loan loss reserve to cushion those losses what do you think about the size of the reserves that have been, i think, enormous so far and will that be enough? >> that's a good point we had a new accounting center this year. we were constantly playing catchup as these loans were going bad. that's a fair point. you know, i'm not a bank supervisor anymore i can't see what the examiners are seeing there has been some regulatory forbearance in terms of letting loans become delinquent for a

longer period before you have to start counting them as distressed loans they may be making bank statements a little healthier than they might actually be. if there's a resurgence, all bets are off that could change if we get into another bad situation with the pandemic where, again, banks are very exposed i know you're long now i wish you well on that bet. i'm not owning any banks now >> maybe very telling. dan? >> hey, sheila last week you tweeted something that kind of caught my eye it was about spending here in the u.s. you're talking about a busted budget here and you're talking about what subtle projections

are. can you talk a little bit about budget deficits, what it means for growth are we thinking about this the right way? >> i think the fed, bless their heart, the fed is buying a lot of federal debt. jay powell has our backs the fed's going to buy it. good i don't think that should absolve us of the responsibility of being smart about the money there's a lot of focus on that you look at $2 trillion of corporate debt that's been enabled this year through the fed's intervention, interest rate policies and direct intervention from the corporate market where is that money going? how are we spending it private payrolls are below estimate i still see dividends and buybacks going out that's fine. if you're issuing debt to pay dividends and do buybacks, i

don't think that's a particularly productive use of the fed going out and taking the risk and backstopping the corporate debt market. even in the private sector in terms of the monetary policy and the amount of dim deadditional that's facilitates, what are we doing with it? these are more longstanding issues not tied to the pandemic, but we use intermediaries for so many of these federal programs, whether it's health care, education or financial services, housing. to what extent are these programs becoming coopted by the intermediary we spend so much more especially on education and health care per capita than any other country in the world and we get worse results, frankly that's because the design of all these programs have been coopted by the intermediaries.

i wish we would get a little smarter on that because we spend a lot of money already nobody really talks about why are we getting such bad results spending these astronomical sums the answer seems to be spend more, spend more, spend more watch how you're spending it that's really something i wish we could focus more on >> do you not own banks because you choose not to own banks or because of a conflict of interest policy that you have to abide by >> no. it's not a conflict of interest policy you couldn't own bank stocks when i was a regulator but no i have not gone back in i don't feel like they have as

good a handle as they should as you know, i was a big critic of citigroup i thought they improve add lot and i've been very disappointed to see what i'm seeing now in terms of a lot of the problems they should have fixed that are apparently not fixed >> thank you i think the headline there, karen, is that sheila bair, former bank regulator, doesn't feel like she has a good handle on what is going on at the largest institutions. >> okay. >> why do you think you do >> why do i think i do i've been in them a long time. there's two parts.

there's what's actually going on in the bank and then there's what's going on in the bank equities sometimes those might disconnect i think the bank equities are discounting a lot of bad things, maybe the kinds of things sheila is afraid of. why the airline industry could get billions more in government aid even as countless other industries continue to stgg > plus, tesla gets skewed. we'll tell you about the unusual activity surrounding tesla options. it's like she can see the future. what?! it's like she time travels in a rocket ship. that's cool! and then she comes back saying "try this" or "try that." she helps everyone. she helps them feel less worried. wow! mommy, so what is it that you do? i'm a financial advisor. she is! aig proudly supports all the professionals taking care of our financial futures.

thousands of jobs hang in the balance as federal airline aid is set to expire at the end of the month industry executives have been

lobbying the white house hard for yet another bailout. but that isn't sitting well with everyone in fact, we have been talking about this on this show for weeks now. check out this exchange this morning. >> are you prepared to go into bankruptcy rather than take taxpayer money that would ultimately hurt your shareholder in the short-term if you're really here to care about employees? the whole thing doesn't make sense. >> andrew, i understand the point you're making and you know, i think this all comes back to making sure the taxpayer gets value for money what i'm saying is i believe this program offers great value for money. if these mass layoffs take place, there is a real cost of that and it's a significant cost >> interesting argument to make, but yet there are plenty of other industries whose ceos can probably say the very same thing, that without a government bailout, a handout, not a loan,

but a grant, they will have to lay off hundreds of thousands of employees as well. so why is the airline industry and the airline employees a p protected class? >> they feel that some sort of national security situation with the airlines no, of course not. we talked about this good for him for pushing back. we said it a couple weeks ago. there are ways to raise money without going hat in hand to the government we also said when things were going really well, all these airlines and i'm painting with a broad brush, were using 90% of their free cash flow to buy back stock when they could have been preparing for a rainy day, understanding that nobody could have seen this coming, but to a certain extent, i said it then, i'll say it again. there's a lot of responsibility

that comes with being a ceo, that comes with being an airline ceo. going to capitol hill hat in hand is not one of those responsibilities, in my opinion. i totally understand that there are 30,000 jobs at risk here and i'm very sympathetic to that, but i'm not sympathetic to the c-suite guys and gals. >> you have a case where a lot of these airlines feel like they might not need it. there are some that are not out there robbing, let's be clear. american looks like the only ones that are really pushing to get it tomorrow. i think we've also talked about the inflection point for investing in the sector. maybe that was the day when actually you saw 50% of pilot cuts at delta air lines, for example. these were important moments having the airlines being able to run and reel in their businesses at a time when international travel is not growing. domestic routes have been coming in by the week ever since

getting some optimism in the mid summer the reality here is i think investors need to understand what the free cash flow dynamics are or lack thereof. i think if you look at united or a southwest, you're talking about at least at the current burn rate, the ability to get through 2021 right now that's all we can really do. i think that's the way investors need to approach this. >> dan, you brought this point up with sheila in terms of return for the spend robin hayes also made the point we want to make sure taxpayers get their money's wort ah as we. the line is very hard to draw here >> yeah. they need to get their money's worth at much lower valuations this is the sort of stuff we were talking about in march and april. this is the stuff we remember in 2008, 2009 and 2010 when the government was taking stakes in companies to save them i'll bring up boeing, closing at

its lowest levels in three months this is a stock that acts like it needs something it's not getting here looks like lower lows. again, there's effects of all of these airlines not getting what they need. they need to raise some capital and put some confidence back in investors. >> they do have options. they're just not palatable it's not like the capital markets are closed to the airline industry. >> right i think we saw the government bail out gm if the capital markets wouldn't the equity went to zero and the government took a stake. we saw them do it with the banks. that was good for everybody because they helped the banks and made money they should get equity here if they want a bailout. coming up, does tesla have more charge left in this rally first, grab your boogie shoes. we'll hear from a red hot company raising some big funds

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welcome back to "fast money. if you're a sneaker head, you probably heard of the goat group. they're an online sneaker marketplace that just raised another $100 million in funding. joining us goat group's ceo eddie lu kwh do people have more time to spend on the platform or do they have less money to spend on the platform >> first and foremost in terms of funding, we're so happy for the team we started six years ago with

just a sneaker marketplace now we expanded into east coast r accessories. in terms of growth, we're at 30 million members now and 600,000 sellers. what we saw in terms of the trend recently is that it already started precovid there is already a shift toward e-commerce before covid. shopping in stores is no longer an option for the majority of customers. we're never turning back we're seeing that our customers are saying, shopping online is actually a superior experience to shopping in a retailer. we have over 100,000 styles to choose from on goat. in a retailer there might be 200 styles on the wall they might not even have your size after they choose something. we don't have to carry the inventory risk that drug and alcohol retailers have

later you can see our community content to see how to wear the shoe as well >> you know i'm a huge fan of the goat app here. real quickly, what are some additional categories that you want to use this capital to expand into? let's be frank, as sneaker heads, we lover what you're doing there. what's next? >> the main mission for goat is to build a global platform that brings the greatest products together from the past, present and future we can buy iconic jordans from 30 years ago and mainstream products today we just started our apparel and accessories. as an example of us launching products into the future, we recently just partnered with alexander mcqueen and their latest line.

the whole vision is to make people look and feel their gr t greatest. >> with the stimulus checks running out, are you seeing that pressure on your business? >> there are tailwinds such as stimulus checks. but what we've seen is that with our customer it's not just a buying thing like we have two sides of the marketplace. we have buyers and we have sellers. on our sellers side we have 600,000 sellers. many of them this is the first time they've ever sold something online we've seen that a lot of these younger sellers are buying shoes, they're selling it on goat, making money so they can fund the things they covet it's a cyclical market and we're excited to help facilitate the transaction. >> thank you coming up, it's been a bumpy ride for tlaes investors this month. options traders say buckle up because shares are ready to

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♪ the big events are back. xfinity is your home for the return of live sports. welcome back to "fast money. check out shares of tesla zooming higher today it's what happened to tesla

options that really caught our eye. mike khouw has the action. >> tesla always very busy in the options market, representing over 5% of the total u.s. options market in terms of volume today we've been looking at the fact that upside call options are actually placed higher in terms of implied volatility and the downside put options reflecting investo investors' interest in the october strike calls today's activity was concentrated mostly in short dated options. the 400 strike calls that expire tomorrow were the most active trading over 100,000 contracts at an average price of $5.50 it seems option traders continue to be interested and believe in tesla's upsidehere >> interesting "options action" tomorrow 5:30 p.m. eastern time. up next, "final trade.

it is time for the final trade. let's go around the horn tim? >> i do think this is the kind of transaction people wanted to see with this stock and it's been languishing get a shot in gilead >> karen >> mine is ulta beauty i think that they can make it in a resurgence or without. either way, i think they're not expensive with next year's earnings >> dan >> treasury yields have been stuck in the mud i think the tlt makes a move higher that means rates lower in the

near term. >> guy >> sheila bair only has 11,000 followers on the twitter that is ridiculous, folks. follow the sheila bair on the twitter and look for reversal lower in the dollar whic my mission is simple to make you money. i'm here to level the playing field for all investors. there's always a bull market somewhere and i promise to help you find it. "mad money" starts now hey, i'm cramer. welcome to "mad money. welcome to cramerica other people want to make friends. i'm just trying to make you some money. my job is not just to entertain but to educate and teach you, so call me 1-800-743-cnbc or tweet me @jimcramer what really happens if there's no stimulus? i've heard numerous politicians argue the economy is strong enough, we don't need a