hey, "mad money" fans. i'm melissa lee. cramer is off tonight but we're all over the earnings. apple, facebook tesla on the move after reporting results tesla's call kicks off in less than 30 minutes. we'll be on it and break in with headlines. we'll get to the earnings in ra moment but we have to start with the brutal sell off. stocks plunging into the close with the s&p falling 2.5% and the sell off taking no prisoners. the big drop comes as we saw more out sized moves from some of the most shorted stocks in the market, game stop, amc and

express 23.7 billion shares. the highest since 2007 was today a big warning shot to investors the wheels could be about to come off this rally dan, what do you think dan nathan joins us. >> hi. mel, hi, "mad money" crew. great to be with you listen, this was the sort of day a lot of investors were bracing for in a way i think the last couple months had been kind of easy path when you think about it there was a lot of uncertainty that was taken out of the way. we knew there would be big fiscal stimulus on top of the stimulus we got in q 4 of last year the hope of a blue wave and you had infrastructure spending. we didn't have a lot of volatility the vix and s&p was pinned down in the 20s in many ways, it seemed like yes there was this waiting for a pull back a little bit to shake out some weak hand s but it's nt just stocks.

i'll let b.k. speak to bit coin, the way the banks ran into their earnings first group the s&p 500 report, jp morgan down 10% in a straight line since it reported. in a lot of ways, it's taking out a little of the early 2021 market exuberance. >> do you think what is going on with the heavily shorted stocks had anything to do, at all, with this market move that we saw whether it be because shorts were covering the shorts and had to sell long positions in order to do so, maybe margin calls were going on, maybe fund mental investors were simply just getting spooked by what was going on and said you know what? i'm stepping back for a moment. >> yeah, it could be when you see these dislocations, a lot of investors are rethink e ing stuff they might have had on auto pilot

the notion that a stock could gap up 100% in an evening starts to make a lot of risk managers think twice about what their portfolio managers would risk they have on so i think it's probably a pretty good wakeup call. listen, it's really important to remember while we're spending a lot of time talking about game stop and a lot of other names that are gapping up and the terms of market capitalization, we do see the potential for investors to kind of reevaluate what they're willing to own at what valuations and that's really important last night tom lee told us maybe the goal posts are moving the way equity valuations work goin forward. i don't agree. he had a good thesis behind it but the thesis before the goalpost can be moved, they need to be tested >> i don't think anybody is saying that the moves in these stocks are in and of themselves causing the sell off in the markets, but that the moves in

these stocks may have ripple effects and it might be psychological ripple effects on some of the market paris ticipa right now that could influence the direction of the broader market james, what did you make of the sell off and did you buy anyt anything >> well, we own lots of volatility we've been excited because of what happened. there is an incredible amount of bullish sentiment in all also set classes, commodities, stocks, real estate and we've seen energy behind buying like no other time in history if you look at the past 90 days for the past days since the election was decided, there has never been an assent of equity indexes before it was bound to come to an end we knew this was coming. we never know the timing i believe it's the beginning and we're simply back to where we were a week and a half ago in terms of equity valuations

we have a lot more to go on the downside a lot more to go on the upside for volatility. >> james, i'll go out on a limb and say you're probably one of the more bearish panelists on "fast money" in general your take on short selling, is that something you might think twice about these days you mentioned the russell and the move 0of the russell and wha we saw in the small cap index, it got helped by monster moves in an amc and game stop, et cetera while the overall markets were down 2.5%, we saw a flat performance, do you rethink what we're doing as a short seller? >> we don't want to be short we don't want to be short because the markets have an incredible amount of energy. they have been referred to an angry mob. we want to be long volatility here and volatility usually is inversely correlated with markets. when we saw volatility rise at the same time as the big indexes last week, we knew there was

pressure coming. rustle 2,000 has barely moved relative to the last 90 days the selling today could have been helped. a slight move to the downside today coming 2.5% off an index happens every one 1% of trading days but we think this is just the beginning and a small clue what kind of negative energy this market is still higher than ever in the past two weeks. >> the xrt, we talked about this and how it is composed in terms of the top holdings and how it is exposed to game stop and that etf finished higher on the day by, what, 12%. >> yeah, you know, mel, you and i have been doing this for a long time and when we unlock what's in etfs, it means there is big stuff going on in the

market the xrt for years we could have quoted it as a proxy for retail thinking big box or names you shop at all the time but when you look at the xrt and out performance relative to the broad market and look and see that game stop, a single digit bricks and mortar retail most of us would have thought was going out of business a year ago makes up nearly 10% of the weight of that eft, you scratch your head a bit. james just mentioned the russell 2,000. a lot of those names are in the iwn that tracks that and driving a lot of that relative out performance. so i guess the point that i'm trying to make here is that really it's important. i love etfs. they are great vehicles for investors. you usually get rid of the stock risk but here is an example where that is not the case and if you were along the xrt, you're benefitting from some of the silliness going on with this game stop. >> we got a bunch of stocks on

the move we're keeping track of all on earnings report apple, facebook, tesla apple's call just pwrapped up let's go to josh lipton. >> he did not offer formal guidance but he did offer some color on what apple is seeing. you saw the stock tick lower on the color, the commentary. they believe growth will accelerate year over year and follow typical seasonty and said services will face a tougher comp, meaning in the march quarter last year pandemic lockdowns that meant real strength and certain services. a tougher comp is coming there they believe year over year growth in the wearables category will decelerate compared to q 1. apple plans to decrease air pod channel inventory as is typical after the holiday quarter they said gross margins, they said similar to the december quarter that clocked in at 39.8%. by the way, they gave a stat that said they installed 1.65

billion so the number of active devices in people's hands does show the strength of apple's ecosystem and potential addressable market for services. cook did tell me by the way, he's supply constrain now on the iphone 12 pro he's hoping to come into supply balance soon. 84 billion and did return 34 billion in the december quarter. back to you, melissa. >> thank you very much j josh, i want to ask you a question what gene mentioned with a car, how do you think about new addressable markets and what gene took away is he was swiping at apple getting into a car what did you think >> yeah, so that's always tough. i have a chance to speak with tim cook every quarter for years now. i weigh to get into that my time was brief with tim i didn't go near that because i was pretty sure the answer i would get is you know what josh?

we don't talk about a product pipeline i respect the courage of the analyst for asking that but i didn't think we got a lot of specifics. tim just basically said listen, we always ask ourselves generally is it a product we want to use? is it a product that would combine hardware, software and services but i didn't think you got a lot and i wouldn't expect to get much from tim on that. >> josh, thank you josh lipton. and i had said to guy that he could have been talking about anything when he was talking about combination of hardware, software services. he could have been talking about a smart washer drier for all i know what did you think of this quarter, dan did you think of the action in the stock in the aftermarket >> yeah, so the quarter was f fantastic. they printed $11 million there is one other company that's done that and that's walmart. what is astounding about apple's result of that is that they have 40% gross margins. it's astounding.

when you think about the question about where do they go next, the total addressable market for smart phones globally is about, i don't know, $450 billion. they already have a huge percentage of the high end there, right so he talked about that total addressable market for services smart phone groetdwth and 5 g services, more value added services, that sort of thing you know what is a huge addressable market the auto market. it about 2.5 trillion. if they can combine the capabilities, hardware, software, services and attack that autonomous market, it doesn't exist right now and they can do it the way -- they don't have to be first they just have to do it better that's always been their policy. then that's a huge market and leg. i know those guys were a bit exhausted from the conversation. i'd say that is a massive thing and turns it into a $4 trillion

market cap company over the next few years. yes, i do. >> okay. i think the key here, though, is since we don't know about whether or not apple is getting into being a car company, as well, brian kelly who joins us now, is apple worth the valuation 33 times a full year 21 earnings? >> yeah, so first of all, the show starts at 11:00 past, right? not on the hour. >> whenever you show up is when it gets started, ryan kelly. >> there we go there we go. so here is what i say about apple. it depends if you're a trader or inv investor if you're a trader, you look quarter to quarter and say okay, maybe as dan says, iphone sales are decelerating and had issues with maybe max sales but you might be able to look through that and say hey, that's going to the new ipad replacing the mac. if you're an investor, what else can this company do and am i

willing to make a bet on that on any weakness these things are just starting to take off and anything else they come up with, i think then you say yes, this can grow into the valuation that the market is putting on, if not more. >> james, where do you stand on apple? is this a weakness it's down almost 3% in the regular session too with the broader sell off this is a weakness you take advantage of >> b.k. is right if you're a long term apple shareholder, you like the idea of them positioning themselves for this super cycle of 5 g and everything that will go into the devices. if they own and control from a dominant market share position both in terms of popularity and technical ability and monicaization, apple is getting all the wonderful licensing fees for google from it being the standard search engine on the devices. these little types of things are what populates all the big profit wins over the next future

quarter. in the short term, apple is heading into so much strength, so much tail wind from covid covid has people buying new devices and laptops so they can work from home and do school from home. there is a lot of short term mom momentum it a monster company it's always going to be a dominant consumer friendly, strong business and long term i think people continue to hold it short term if you want to take profits here, it makes a lot of sense. >> in many respects, it's e defensive and has a lot of cash and all those things. >> i think james is correct. i mean, when you think about the stock made that all-time high it a euphoric high. the stock gapped in late july from 96 and went to 140 and what felt like a straight line and then it had a quick 23% pull

back in a month. you have to be aware of the fact the biggest stocks in the market have the potential to pull back like that and they give you the opportunity. last night, mel, on "fast money" we talked about microsoft. we talked about a blowout quarter in a great setup as a breakout candidate right after just this guidance in the quarter they had what did the stock do? not a heck of a lot. expectations were high and they met them the question is what is the inc incremental buyer with an all time high after giving the guidance they gave we know there might be pal p pal paations. if anything, this stock should consolidate a little bit and if you're bullish on this thing about fundamental drivers, you almost want to see that happen a little bit it's up about 30% since the last report in october. that's $650 billion in market cap trading 34 times that's a bit expensive let the thing come to you would

be the way i'd play this here. up next, the results keep rolling in facebook just wrapped up the earnings call. the stock well off the after hours low and we're getting ready for tesla's call to kick off. the stock is down more than 4 %. we're dialled in and will bring you headlines tonhis special edition of "fast money" returns.

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xfinity internet and tv services. it only takes about a minute. wait, a minute? but what have you been doing for the last two hours? delegating? oh, good one. move your xfinity services without breaking a sweat. now that's simple, easy, awesome. xfinity makes moving easy. go online to transfer your services in about a minute. get started today. welcome back to this bonus hour of "fast money" . facebook beating estimates adding more active users than expected the call just wrapping up and mark zuckerberg saying we increasingly see apple as one of our biggest competitors. dan, what did you make of this quarter? >> it was phenomenal i mean, you know, i'm not a user of the product i'm not a fan of the services. i know i sound like guy adami.

i just don't think that they're doing a heck of a lot of good here but that being said, it's just an absolute money printing machine and when you look at what we would call the f maga complex, facebook, apple, google, amazon, the stock is trading 26 times and expected to gross sales 22%. you know, and i think the consensus eps estimate about 16% growth is kind of low here so it's a really cheap stock especially compared to the mega stock names and the fact they keep growing users the way they do you say to yourself it's a cheap stock. it should be near the prior highs, $300. >> the guidance is interesting they expect year over year growth to be stable or moderate to accelerate in the first and second quarter and that may sound like a negative but this is a company that actually did

well during the pandemic so they're laughing, tough comparisons. >> exactly yeah, so again, this is one of those things instagram was really big during the pandemic for small business and advertising and they saw a huge growth in that so yeah, if you look at the service, it may look like there is not a lot of growth there but look what happened and they're able to sustain that, that means their customers, the smaller businesses are seeing success on that so, you know, i think at these levels, it's pretty interesting and you think what dan was saying on how it's a relatively cheap stock. we have this kind of federal government ftc head wind in the stock that probably is what is giving you the opportunity and probably keeping it at a lower valuation. so if you like the growth trajectory, why not use that head wind as a way to get into the stock at a good price. >> or regulatory head winds is a

discount as an investor you have to live with depersnding how yo look at it. >> how do you discount somebody that has 1.8 billion daily active users i can't discount that. clearly, the price of the stock could go way higher if not for these challenges when a company gets this big and successful, we see the free enterprise we've had regulatory scrutiny and populace enviey coe into play. users giving permission for access to certain data, add tracking features. i saw something on another network today, not that i was watching too much but i saw something today about this concept of creeping over the gray area for privacy. these individual companies don't have to follow rules that we would be in other people's houses you're not going to be sneaking in people's drawers looking into

close sts but those people can o that however, such a monster business they are very careful to make sure that add revenue doesn't shift too much we've seen they reported in the earnings a shift from interest and consumer services to consumer products and so as these consumer preferences shift, we'll see advertising revenue strengthen facebook is on top of it and have all the data. i think this company has nowhere to go but up. >> all right up next, tesla time. the stock is down after reporting results. the company's conference call is about to kick off. we're dialled in and will bring ispeal aerter hours newsft th sci edition of "fast money" returns.

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results. let get to phil lebeau with more. >> this is a quarter where people say yeah, they reported a profit but fell 21 cents shy of analysts expectations earning 80 cents per share. the top line revenue came in better than expected at $10.7 billion. the question is, what is tesla's guidance for deliveries this year remember, they met their previous guidance. the guidance that they set last year of delivering essentially a half million vehicles. since then, the question has become will they set guidance of 796,000 vehicles this year, which is by the way, the consensus among analysts will they go higher? in a previous conference call elon musk said it could be 840,000 and a million vehicles when the conference call begins shortly, that will be a real question and a focus for people. is there a specific number for 2021 or are they going to give us a generic language in the earnings release which is 50% annual growth over the next

several years. >> you know, it's rare fphil because we're not usually on the air, we being "fast money" . jim is on the air. to tackle this conference call i'm curious to hear whether or not management talks up the energy storage business that saw a big pop and a it's a small percentage in total revenue. it growing quickly. >> it is they have been quietly bullish if you will on the energy storage business they believe it's an under appreciated growth potential for the company. i understand where they're coming from on that, melissa at the same time, it hard to get people excited about anything beyond the vehicles that tesla builds. >> that's true well, the vehicles in and of themselves brought the stock up to the highest thank you, filphil lebeau. the call is about to kick off so what do you want to hear >> melissa, we're going to focus

on first is their balance between profitability and market share. and so, the one negative in the quarter, was a negative on the quarter the street was looking for 24.2% auto gross margins ex credits and that number had been climbing over the past year. it was 20.6% and part of the reason why that dip and the reason we'll talk about it on the call is them making the cars more affordable. that's why in part they delivered 65% unit growth. albeit, tesla is off a smaller base but the price leverage is working. we want to hear some visibility on that second, in terms of how the biden administration is thinking tax credits whether for e.v. or energy storage business. that could be a tail wind and last is i want to hear about fsd. the letter didn't have much about it but this potentially is a massive lever where you have

prediction that by the end of 2021 tesla will be testing the robo taxi feetleet and so we'reo there yet but we need to see advancements and i'm eagerly waiting to see the last piece, of course, i've done a lot of earnings calls and the most entertaining, not even close is -- entertaining if you want to call that is the tesla call, which e long is going to show up tonight. >> i think entertaining is the word, gene we've seen all sorts show up to the calls. in terms of the gross margin number, gene, you mentioned, you know, the trade off between profitability and market share is it because tesla has reduced the prices towards the model three and impacting gross margins more than expected what's the primary driver behind that in your view? >> it's lowering price they have been lowering price across the board and will continue to do that.

>> okay. gene, thank you. we'll check back in with you on tesla's call again, it gets underway right about now brian kelly i will go to you it's a top drawer stock for you for many reasons what do you want to hear from the call aside from an entertaining elon musk what did you make of the quarter? >> i want to hear an entertaining quarter it's fine. this comes down to what wall street was expecting and a very narrow view of this company as a car company. i mean, as a car company, obviously, it crazy over valued but you brought up energy storage business gene brought up the self-driving taxi business. this reminds me of apple when we had a service business it a small part of it but people valued the growth of it. i want to hear what they're doing with the rest of the businesses because if i look at it as a car company, i say they are lowers prices because they have competition

tax credits may come to the end on selling those tax credits, hopefully they get a tail wind i want to hear about that. if i can hear there is growth in other parts of the business, i keep it in my top shelf and wait until they completely decarbonize the electric grid. >> being a car company didn't get tesla to the record high, james. it's interesting people are focused so closely on things like gross margins at this point, delivery. i get it i get you want that to be sort of in line but that's not the reason why a lot of people were in tesla and rode it to its record high. >> well, when you're an early mover and an innovator and disruptor, you get a lot of attention. the potential to completely steal away billions and billions and billions of economic -- excuse me, friendly vehicles is exciting and that's the tail wind behind tesla. i feel like i have a secret. this company owns intellectual

property and fuel management that is going to be needed by every auto manufacturer going with the autonomous approach now, that aside let's look at the performance. the deliveries exceeded expectations let's look at the expectations the expectations were incredibly high tesla has come close or exceeded deliveries in china where e.v.s go from 5% based on the government's expectation to 25% and so there is growth opportune new in a market we're just entering for tesla so much upside, so much great execution and i believe there are, as you pointed out, many non-automobile specific pockets of value in this stock i think it's very, very positive the stock has held up in the after hours with any hint of a miss or any hint of coming close, coming short of what were ex[expletex -- expectations.

>> on november 16th, the stock was trading at $400 and had a $400 billion market cap. all the comparisons about the market cap to almost every other crazy azy gross story. the stock had been down 20% from the september high of 500 -- >> dan was in the middle of telling us what he thought but he froze technology. we'll keep you posted on any big stock moving headlines having money in the game, social capital now adds his two cents on the reddit rebellion and roulette, rutters and ride cycles we have trlelaa ip py. much more of the bonus hour of "fast" to come after this.

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welcome back to this special edition of "fast money" the other big story, the reddit rebellion. amc and bed bath offering huge moves again today. the social capital ceo gave his take on the halftime report earlier. >> i would encourage anyone who is dismissive of this to go into wall street and read the forums and i think you'll see three kinds of posts the first kind of content are a lot of people doing some incredible fundamental diligence on companies trying to think about long term value and in my opinion, many of them are doing as good or frankly a better job

than a lot of hedge fund analysts i work with. >> james, what do you make of this all >> i'm sorry i have to wipe that puzzled look off my face. analysis, how do you go from $50 to $350 in fundamentals -- >> can i pause you there for just a second as you wipe your face, the puzzled look off your face who says fundamentals should rule the day in the markets? that's not always the case whatsoever. >> no, it's not but as i was listening, i think the case was being made that there is a crowd source economic analysis or case being made for logic around the ration al for a company stock price. i didn't hear him fully out but this shows the power of the crowd. one of my favorite artists back in the '80s had a song called

"how can i move the crowd" they have figured out how to move the crowd that's what is going on here energy behind this is dangerous for short sellers. the question was asked earlier short selling, this could go to 1,000 if they continue to learn how to move the crowd. we see it came off of game stop, not come off but transfer from game stop to amc this phenomenon will be short lived. for prices to get out of whack like this to potentially have devastating effects on investors. i'm sure this will get rained in and i promise to keep a straight face next time someone talks about the stock like this. >> if you listen to what he said, he said there is a co contingent of people on reddit and i would pause three categories exist on wall street, as well. the fact of the matter is you may want to look down at this reddit army of investors but they had an impact on the market

and figure out a way to bring capital hedge fund to its knees. they did that. so to ignore it seems to be to ignore something that is a force in the market. i'm not trying to cast judgement right or wrong but it is a force in the market at this moment in time. >> as the kids say, hundo p. that's 100%, i agree with you. let's take apart the stock went from $50 to $350 in less than a week look at the power this particular medium has and has done that's not going away. it also tells you how the next generation of investors is consuming their information. they're consuming it online. they trust an online analyst rather than the wall street analyst rather than the hedge fund analysts. that's not a knock on anybody but if you ignore this as an investor and you're playing in

this market and this is a piece of the market and the next generation of investors, i think you ignore this at your parol. >> we have breaking news on reddit let's get to kate rooney. >> the discord officially banned the server wall street bets part of reddit. it's the forum most of them talk about game stop and more i want to read a statements from a company spokesperson the wall street server has been on the trust and safety team's radar for occasional content thatviolates guidelines. this includes hate speech glorifying violence over the past couple months and issued multiple warnings to the administrations of the server. this is way more about hate speech than the stock trading at all. they removed it to be clear they did not ban the server due to

financial fraud or anything to do with stocks discord welcomes a variety of financial discussions today traders to college students. this has to do with a hate speech we've seen around some of these stocks it's unfortunately a side of the retail boom that we've seen on reddit spend time on that forum this week to look at some of the action of these stocks and to be honest, none of these are really even usable on air because some of the language around it. so again, discord banning wall street bets but a part of this, this broader theme we've seen and discourse on reddit. >> kate, thank you kate rooney. you have to wonder whether or not the reach of wall street bets is curtailed whatsoever now that it's banned on this particular app dan, what do you think about this because what we saw play out in the market today could be this reddit rebellion having ripple effects. not saying game stop up a ga zilz

gazillion percent, having to liquidate longs or liquidate longs to meet margin calls that has ripple effects on the broader markets. >> yeah, i mean, it may but like if you look at the market caps of these companies, i don't think it's that significant. i suspect these shorts are concentrated among some very specific capital pools if a hedge fund gets taken out, what does that mean for the high network people there and money that's gone. yes, but this happens all the time i think it also important to remember that it's been a pretty free money environment over the last nine months or so so people enjoyed great gains. i'm actually a bit dismissive of this i'm not dismissive of the populace movement but it's a moment we'll move on and not think about this a heck of a lot. i suspect there will be regulation and i suspect there is dramatic collusion and i think that if this discord thing could just be the start, you

know, reddit ceo will be on "squawk and friends" tomorrow morning. let's see what happens if there is collusion that's detected by the fcc or something and they shut down wall street bets where do you think game stop would go if they shut down wall street bets? it would go back to $20 or so because the game is up at that point. you know, so to me, this is no different than what we've seen in a lot of different parts of social media being manipulated, disinformation being weaponized. that's what happened i'm not crying for hedge funds that lost money being short or anything like that but what is going on here is a bit of a game and the game is going to change very quickly because like anything when you have this sort of dislocation, there is going to be some sort of reckoning to happen that's just my take. >> no, i think it's a very good take brian, i rarely call you brian b.k., one point when we talked to tom lee that i asked him about is, you know, from the standpoint of the individual investor, they feel like wall

street and the professional trader looked down upon them for many, many years and in many, many sort of investment cases. you know, one would have been bit coin for instance. they were adamant about bit coin and stuck with bit coin and here we are with institutional investors finally picking up bit coin they were like that with tesla they believed in the long term growth story of tesla. they are like wall street doesn't always get it right so why can't we make money, too >> i agree why can't they make money, too i mean, there is no reason think about wall street research, why do i have to have 100,000 or a million dollar account just so i can have access to one of wall street's research products, not even their analysts you have a million dollars, good luck trying to talk to an analyst. you have to have multiples of that to talk to an analyst why is the amount of money that you have the decider on whether or not you get access to

information? i think this is exactly the bit coin phenomenon is why don't individuals and smaller investors in the next gaen ra -- generation of investors get the same type of resources everybody else does? it's a reason i got into bit coin back in 2013 and 2014 because i looked at the next ten years of wall street and said who is the next wave the baby boomers have invested they're already cashing it in. they will cash out their 401 k who is the next buyer? it's the millennials and aggenz this is how they consume it and they deserve to have the information at their fingertips. >> coming up, the busiest week of earning season isn't over yet. we're getting you set up for big names on deck tomorrow taking questions while we're at it. that coming up as this bonus hour of "fast money" continues.

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gold bond champion your skin let's recap the day on wall street stocks plunging with the s&p 500 dropping 2.5 p%. every sector was lower today hbig earnings day tomorrow. weave your setup when this edition of "fast money" returns. area homeowners

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truth, the news with sheppard smith next on cnbc we're watching shares of game stop falling in the after hours session. pretty decisively down 25% we understand the wall street reddit forum has been made private so you can't go in and log in and access what this group is saying. you actually have to be invited to join. that's what we understand by visiting that thread that's what we understand through twitter. people tweeting us this is going on and we're seeing game stop shares down by 25% granted, 25% may seem like a lot by given where the stock has been over the course of the past two weeks, maybe this is not such a huge deal what do you make of this whole thing? >> well, i think it's like anything if you weaponize disinformation, i don't think they will find anything particularly pretty and

when you think about influencers that jumped on this train, you had a witch's brew of just kind of just a really bad situation for investors. i know there is a lot of people that will be unhappy if this stock goes down because this is their opportunity some sort of financial utopi iutopia it's likely to over shoot to the downside to me, listen, i'm sure they will come in and buy it down 25% but if you don't have a forum where the traditional media are going to start picking up all of the activity, meaning they can't see it, then i'm hard pressed to think this strategy or this form of collusion continues to work. >> there is another side -- >> can i chime in there? >> go ahead, james, go ahead. >> the media prints and headlines and actual trades and so we were on commercial break, i'm looking at the 150 put options that expired in april. you have three months to place a bet expecting this price to fall down the put options at 150, $100 out

of the money this stock is $100 higher here they're trading at a bid of $81 and ask of $89 that means these traders expect this stock to go down as $69 before these put options have any value whatsoever so a bet three months out would still require the stock to go below $70, three months away from now to have any value in the put options. there is more value on these put options than there is on the upside and so, it's not always the story of everyone is expecting it to keep going higher there is a ton of money to expect this to go way down we should always look at both sides of the trade, even to make money on the downside on this it would have to come to a ridiculously low price over a period of time there isn't a consensus where this is going. it's just a trading vehicle for people who want to try to make a quick buck. >> right here is a live look at the wall street bets thread and it is in fact, locked from what we can

see. brian kelly, this is surely the deep end of the pool maybe the very deepest, deepest, deepest end of the pool but at this point, do you say maybe this is the sign to be short the stock in someway this is it this is the green light. >> oh, not for b.k no, i'm not going to run in front of this thing. listen, it could go down 100%, you know i mean, the bottom line is i don't think this is going away i don't think whether you lock reddit or you ban them from discord for bad language and first of all, i've been on wall street for 30 years. trust me, on those trading desks, there was bad language. if you can ban that, boy, that would have been a different game but my point is, i don't think this is going away it's the internet. it's everywhere. it will pop up again. >> dan >> yeah, if they locked it themselves, that means they're

worried about something. that's like any twitter account when you do that bad thing you shouldn't have tweeted or you shouldn't have said or whatever, you lock it so the press can't get in it andwe had a great former fcc lawyer, great, great interview, i don't know if he's a great lawyer or not on "fast money" last night saying that there is going to be looking -- they're going to be looking at collusion in so many different ways -- >> you don't think regulators can get into this thread and see what was said before even though the moderators locked this thing? >> of course, mel. but they can't control what is being said on the platform so i mean, that's the point, right? so they need to lock it down listen, i have no idea what is going on looking at reddit is like looking at craigslist in 2003 trying to buy a used microwave i don't know how people track it it was used no doubt about it for my 25 years, b.k., you have a few years on me in the business, i've never seen this

form of collusion in a wide spread fashion and make no mistake i said last night, there is mplenty of hedge funds playin the game on both sides not just the wall street bets and robinhood people there is plenty of institutions doing it, too. >> you're taking a look at some of the steep declines we're seeing in the after hours session, among the reddit stocks including game stop and amc, bed bath and beyond and i'm sure a bunch of others. james mcdonald, just, you know, we're just about out of time but we saw a big sale off in today's session. does this play into the psyche of the market tomorrow >> there say potential to follow through. we have to see how gdp comes in and big money and dow components react and we have seen this collusion before called napst ttnapster and got licensing and they will take the energy and find a way to provide access to markets for

people not in the main street mentality in a way to monetize it. >> again, piece of information on this reddit rebellion discord banned this group and wall street best, the thread on reddit has become private. thanks for joining us on this special bonus hour the new president makes big promises on the virus, vaccines, jobs, and the environment, but can he deliver i'm shepard smith. this is the news on cnbc >> in my view we have already waited too long to deal with this climate crisis. >> big, bold, and ambitious, president biden's climate change plan, job killer or job creator? we break down the impact on sa states across the country. vaccine stumbles and squeszs. >> we've got great peopl