we have had a fade in the last couple of days i think earnings are largely baked in even though they've been incredibly positive look at some of the knockon effects of paypal and door dash coming off grub hub as well as some of the take away from the miss on qualcomm as well in those sectors. >> we're out of time here on "closing bell. thanks for watching. "fast money" starts now. >> this is fast money in tonight. tonight on "fast," here come the regulators demanding answers adds a reddit rebellion fuels market swings. whack be done? the top regulator will join us straight ahead plus, tracking after hours action of qualcomm and paypal. calls are under way. we'll bring you the headlines.

a deal lighting up the cannabis space. we start with came stocked or game on? gamestop gaining more than 2%. while other heavily shorted names also posted gains. robin hood easing some trading restrictions, allowing users to buy fractional shares in gamestop and amc they're still down for the week. what is the thing about the reddit rebellion that's captured wall street's attention. let's bring in bob number one, can we actually say that the rebellion is over based on what we've seen over the past couple of days when we know that restrictions have still been in place on trading this stock? >> i think we found -- i don't know if the meaning is over, but it's found a level and i think it's subsided. look at the volatility today was remarkably low i know you mentioned

restrictions, but what restrictions there's some on robinhood but traded almost 50 million shares. it's not a bunch of russians sitting out there. there's very few restrictions out there and i don't think that's a big inhibition for the stock right now. >> has interest come down enough that we can say the short squeeze is over? we know it's dropped significantly over the past week, down more than 50% or something like that, but it's still pretty high. >> it's a moving target. i see different numbers every day. it's actually fairly difficult to get a really accurate number. clearly, we can say it's way down here's my bet. i bet you'll see new shorts on this i wouldn't be surprised if we got a level at 50% and it stayed there for a long time because a lot of people still feel at $90 this thing is ridiculously overpriced people had $10 and below on this months ago it's a moving target but i

wouldn't be surprised if there were new shorts coming many in the last week ahead. >> regulation, where would it come from? who would be the target? >> yeah. yellen's really being smart. she's being a leader she's going to channel all this energy in. she knows what she's doing i tell you the concern the street has this could morph and do some kind of further investigation. fenra are looking at gamification of trading. that's a hornet's nest immediately you could start saying is the site you have suitable for your investors, do you have balloons going off when people make a trade, do you have hot trades of the day at the top? would this induce people to do that and engage in behavior that is not suitable for their type of investing that's a ream hornet's nest. i know the s.e.c. is looking at market manipulation. that's a different story i think that's going to be a tough case to prove. i'm not sure if what happened

with reddit confines with the normal pump and dump operation i think they're going to have a hard time proving that >> bob, thank you. >> ok. >> that brings us to the question we started this whole show off with, and that is gamestoped or game on? what is the state of rebellion right now? what's your two cents? >> the world's changed the gamification of wall street, that's a term we used seven or eight months ago when we had dave port now on the show people were finding the stock market and it was the gamification, whatever term you wane to use. if things had lasted a week, month, maybe i'd sigh it's going to be to go back to the norm obviously, this has kre schenn doed over the last month, two weeks. you can't put that genie back in

did bottle i think it's a good thing in a lot of ways. more people are finding the market i'll say this now. unfortunately people learned this the hard way. getting people on -- geared up for the market, excited about the market is not necessarily a bad thing. i think dave port now started it and who knows who's behind the gamestop thing >> you want people to be quote unquote addicted to your product. that's what robinhood did. that is what every single social media internet site has done since the start of the internet. they want people to go back again and again and again for whatever product they're schilling, whether it be on line trading or political commentary or you name it >> yeah. the irony there, though, is if you think of all the other innovations on the web, not nearly all of them they waded into an industry

where there was also considerable regulation, there was already considerable rules, there was a hot of history as far as prosecution of those laws and such so to me, that's what's really changed this time. if you're asking whether it's a rebellion, i don't think it's a rebellion. i think it's more of a mania we've seen manias before we know how mania es end we've talked about it on this show for weeks, if not months. calling the top of the bubble or the prick of the bubble popping is a very hard thing the sad thing here is i think there's going to be few winners here i think a lot of people who participated in the mania in the last few weeks who are drawn into it are going to end up losing pretty badly and we may not see them back in the market for a long time. we saw that after the internet bubble burst we saw it after the financial crisis and we're likely to see it here. >> do you think this will create

a generation of investors who are permanently burned or have they been burned so many times they become enyou'red to it. we saw this back in 2008. >> this is the disenfranchised investor that's got a new franchise. robinhood added three million downloads in january what i saw is that even in the heat of friday, you know, they added another 600,000 downloads. so you also used an interesting word, and i don't think you were being callus or insensitive. gambling is an addiction, it can be an addiction. the playing in the market for folks who are newer to this, people who watch the stock market over the years, not just over the last couple of weeks have argued what's the difference between gambling and

playing in the stock market. if you don't believe fundamentals matter, you're gambling, as far as i'm concerned. what's the difference between that and the roulette wheel? i do think the retail investor which is a new generation of vervegs not the people that were burned by the financial crisis, per se, but also a wealthy group of folks that are tech savvy and the information flow the leveling of the playing field in terms of the natural analysis and insight you can get as a retail investor is extraordinary. i think we've been clear to not talk down to these folks, in fact, to say that these are folks that are bright and armed with a lot of information. the question is are they going on no fundamentals and going for a momentum approach, are they truly looking to be investing in companies where they understand the fundamentals that's the part to me over the last two weeks that i scratch my head about it.

think fundamentals do matter >> i think most people on this panel would ultimately agree with that. to be sure, we don't want to paint with a broad brush everybody as being the same sort of trader. they are doing the analysis. the guy who started this whole thing has done analysis, on "squawk alley" today he said he thought the analysis done by roaring katy i'm using his handle, his name not being roaring kitty. being up to $60 a share. it's not that good work is not being done here. but there are others parts that are ghlamming on as well i'm curious what your take is on this you've been worried about the person who's going to lose their shirt. the people who can't afford to lose their money losing their money. >> right i am afraid of that. i've seen it before many times in different things. you put in whatever the mania of

the day is and ultimately it ends a lot of the same people who captain afford to lose do lose a lot of redditers don't want to hear that. the thing to me, though, i look at the stock in 92 hi think pend lums swing too far. this one obviously swung way too far to get to 500, but i think it's got a lot more room left to swing. i don't think we're settling in at fair value here this is still kind of crazy. so i think there's a lot more downside but the thing that's different about this time is that there are these -- what i think of kamikaze investors who are -- whose main goal is to screw wall street and to the extent that they can do that, even if it means losing money themselves, they're willing to do it so i don't know how deep those pockets are, how many of them there are. but i don't know if they feel

like the job is done yet doesn't seem to be >> how strong their holds are. >> it's losing momentum. >> right they may be willing to lose every single penny that they put in that investigation to that end. karen was looking at it from a fundamental perspective saying 90, no way, but from a momentum perspective, what's your tape? you often follow how the stock trades, levels, etc. >> yeah. i think the momentum portion of this is over, but i'd have to be honest i thought the momentum portion of this was over when it traded up to $125 a week and a half ago and then it proceeded to go to 483. that's just me to me, the momentum part feels like it's over with that said, momentum works to the up side it works kwaefl and faster to the down side. maybe we're about to see the momentum move to the down side karen touched on it. it's hard enough to trade when you're trying to make money for

yourself you make it five times more difficult if you're not only trying to make money for yourself but you're trying to establishment. take that aspect out of it, because quite frankly, it's misguided, in my opinion do this because you're looking to make money for you and your family, not because you're looking to make money for you and your family and looking to hurt the establishment that you rail against >> i think the hedge fund industry has viewed this and learned a lesson in terms of having a position that they can handle that's re-established, if that's any consolation to these red itselfers out there. dan, you wanted in you wanted to comment? >> yeah. listen, it's interesting what the dean of valuation had to say about this stock maybe you'll get it to 50. i'll say this. it's a similar story i know guy likes this name, but dick's sporting goods reported the other day it's got about the same market cap as gamestop.

they make -- they're going to have twice as much in revenues this year. they make a lot of money gamestop swung to a loss last year there's some stocks, i get it. ok there's 22% short interest in dixon. that's gone from 50 to 70 in the last month and a half or so. we're not arguing about that name, because i think there's some valuation support and you can see where maybe this bricks and mortar store is changing i think that's why this fascination with this name throw in some targeted trading, attacking these individuals, using options to do it, they did know some stuff. not all of them. probably a small handful most of them didn't and that's why they dot burned here on the down side. >> breaking news on american airlines phil has details phil >> this is a letter that was just sent out from american airlines ceo doug parker as well as the president of the airline, robert ie some to the employees

at the company saying that they will be issuing warn notices to the 13,000, approximately 13,000 workers telling those employees that they could be laid off starting april 1st remember, the current pale support program that was authorized by congress,it expires on march 31st, and it doesn't take a rocket scientist to figure out that the airline business is in no better shape than it was in the fourth quarter. and with american flying about 45% fewer flights and with passenger revenue down i think anywhere from 65 to 75% for the first quarter, they are not expecting things to improve come april, at least not immediately. so as a result, they're going to have to right-size their work force. we saw this with united last week we're seeing it today with american saying that if things don't change, they're going to have to issue some layoffs come april 1st. not a huge surprise.

don't be surprised if you see this from other airlines as well american and united were the biggest in terms of fur lows and layoffs last time around likely will be the same if this happens again, but other airlines are also looking at their manpower right now, saying ok, if things don't improve, do we have to make some furloughs >> we've seen this before, of course, when the parallel program threatened to expire back -- >> check >> back in the winter, so -- >> yep >> ok. >> same story, just a different day. >> yep thank you. phil lebeau. >> yeah. >> tim, your take on american? >> well, and again, so playing some of the political violence strings on this and there's been a lot of criticism of the airline industry and, you know, frustration from the masters and who gets the bailout, who deserves the bailout especially airlines that were doing a lot of buyback there's a difference between your major airline carriers and american, united and delta

delta's telling a story of profitability by spring or maybe they're adjusting this either way we're talking about free cash flow even in a recovering trajectory. that's why you have to measure the multiple with american, look, i think you still have issues that are more -- the ef liegs of the airline trade since covid has been about balance sheet to recovery to precat flow. i'm not sure if that's three stages america might be in stage one still. it's a company that's had more delusion than any major carriers and was wounded coming into this understand who you own >> let's get back to the reddit. wrote the book on the social media giant, zucked, we know

where you stand on these tactics, but what -- i hate to say this what's wrong with it you started business because you want people to be addicted to your product that's the way it goes >> melissa, that's not really what i'm talking about >> ok. >> i think that the panel and papa san has thoughtful points to make here what i want to focus on is the structural request for the long term i'm less interested in what happened at gamestop than i am about the fact that we've seen two groups that previously didn't interact, that is to say redditers. so maga really got its start in the donald, which was a reddit place as well. so if you think about this, what happened there was you put together a group of initially

very serious wall street investors but who wanted to bring a certain attitude to it the thing -- they characterized it as floor chan with a bloomberg terminal so there was this very aggressive thing that was going on there it really didn't spill over into day-to-day trading that affected the market as a whole. that really took getting robinhood to the scale it's at now, with millions of active investors in this extraordinary level of gamification. if you think of rob iphood as having taken all the friction out of investing and having played with fire, to where it's really skirted the rules and it's been called out a bunch of times. it's fundamentally -- it's close to the edge as you can possibly get in a time when, let's fashion it, the enforcement rules is lighter than it has been in a long time. when those two things came together, you get gamestop the real question i would be

asking -- i don't have answers i just want to know what they mean how does an online broker which is not taking positions get in position where it needs $3.4 million dollars of financing over a few days. what kind of risks were they taken? i've been told and i can't prove it but i've been told that apparently they don't ask for collateral until vice president. does that, in fact, create additional risks are there other trading deals that is increase systemic release for the month. i look at all this this may turn out to be much ado about nothing. but i think regulators and the rest of wall street have to be paying attention this thing that happened here, there's nothing to keep it from happening again. i find it hard to believe there will be $3.4 billion available every time like this happens >> amen, roger well said. i'll ask you this. in a world of zero commissions

robinhood has been making money off their clients per se they're making money somehow they answer to somebody. you have to wonder who ist ultimate -- who's the puppet master in all this and why did robinhood do something they knew would infuriate their client base that day. but there's something bigger going on, in my opinion. >> guy, i think the framing of this -- you're asking exactly the right question, because the customer for robinhood isn't the retail investor. the customer, they're the hedge funds who are buying the order glow they're buying data from robinhood and i suspect there are other characters that bet. this is very much like the situation in facebook where the people calling users they're not even the product they're actually more like the fuel i think to some degree the same

thing is true of robinhood we have to july adds a society is that ok or not ok i think with janet yellen looking at this, this will be a question they ask: to what degree do you have a responsibility, if you're going to game fie something like stock trieding, to also brow guardrails to make sure that people don't get over extended or at least if they're going to take those kind of risks, they're going to be prepared if you're in manhattan, ending the peace to a race and say we need you to dry the length of manhattan but you've never driven a car before, you have no license, but still we need you to take it the length of manhattan. a lot of things are going to go wrong. that's what the risk is here, i think. we may have domgd a bullet on this one but i worry there will be others. >> i'm going to ask you one last question, you know, at the ire of my producers at this point. but let's say there's noesh on the island of manhattan and it

was ok if you -- and the buildings cannot be damaged and the person who took the key said i'm willing to die, i'm willing to get injured but i want to take that sports car and zip it through manhattan. isn't that their right >> right but you're creating something that doesn't bear. you could make an argument that that's ok in that circumstance that is not what we have we're talking about a stock market where lots of people are investing. i had a friend who's a hedge fund manager who owned none of the stocks but lost a huge amount of money over two days because the people who did own those stocks liquidated stocks he owned >> oh, ok. >> i look at this and go, that situation you're describing isn't actually what happened here again, i'm not making a judgment call here. i'm simply pointing out that these are things that are going to happen again. >> sure, sure. >> where the regulators should be weighing in -- and frankly, i love this panel discussion and i

love your points these are all right on and these are the voices that need to be heard. we need to draw a judgment about in our society where do we want to draw these lines. >> roger, it's always great to get your insights. hope to see you soon >> thank you >> this moigs of the deleveraging that had to happen and maybe that's why we saw a big rally in yesterday's session. there are ripple effects for people who said gamestop was a corner of the market but the ripple effects of this, there were ripple effects and they could be felt across the market >> there were ripple effects, absolutely if you look at the way apple and microsoft traded after their earnings, to me, those were definitely affected by this. but look, i owned apple and microsoft. you could see sort of what was happening. there is no duty to me as a shareholder that the market has that flows of funds shouldn't be

allowed to affect my positions and in fact that created opportunities. google, two days ago was trading, i don't know, 18, i don't know, 50, 40 >> yeah. >> it created opportunity. we don't have a right to have them not be affected it's not pleasant sometimes, but that's ok. it creates opportunity >> yeah. tim, quick comment >> i just think that it -- if you're in the market and you're off sides and you get affected by fund close, that sucks for you. >> yeah. >> big boy pants, big girl pants. everybody's got to understand and there's got to be accountability regulating around a lot of this when there are clear rules on requirements and limits and clearing requirements for people like robinhood i thinkers that a lot of rules in place i hate to say they need more rules. >> yeah. >> people not looking in the mirror and saying i was off sides. i think there's a problem with that >> yep

coming up, qualcomm down we'll bring you the after hours action we'll ask former s.e.c. chairman jay clayton what if anything should be done he will join us when "fast money" returns what a ride! i invested in invesco qqq a fund that invests in the innovators of the nasdaq-100 like you become an agent of innovation with invesco qqq

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welcome back to "fast money. we've got an earnings alert on qualcomm, down 8%. let's go to josh for details >> heading into this print, qualcomm has rallied about 30% over the last several months it was up 80% over the past 12 months you saw them beat on the bottom line but revenue came in slightly below expectations. they're looking for 1.55 and 1.75 they're looking for between 7.8 billion. the chipset business is 6.53 billion. the licensing business, 1.66 billion. mild comp on the call. he's stepping down but he's saying adoption of 5g driving a multi-year transition, qualcomm has s a stock pipeline, he said.

the licensing business is unmatched. outlook would have been stronger he says but the company is supply constrained they say demand is outpacing their supply we heard this from other chip names as well. because of the strong recovery in certain markets, execs said they thought things could normalize in the second half of the year i check in with mike over at kenneth core he said this is a solid print but not with what the market expected the market expected a bigger beat than what we saw. qualcomm didn't deliver. the qtl, licensing business, weaker than expected likely pointing to softer sales outside apple, meaning the android phones he did say kaias was better than consensus. you know the rf business, radio frequency chips exceeding one

billion for the first time in a quarter. back to you. >> thanks, josh. was it all context, the run up going into the quarter >> i think a lot of it, i think if you look at other mega cap tech erpgs, you look at how well most of them have done i've been saying this for years. if there was ever a time for qualcomm to merge with intel, both have new drovings, they could take out a ton of costs, they could be a $400 billion market cap it seems like a no-brainer and intel's losing apple and we know that obviously like josh said, qualcomm has apple as a big customer still >> new ceos seem to like their new jobs and not want to give up their new jobs by selling the companies they have. i'm wondering what your thoughts are on the quarter >> i like the fact, dan nate app, mergers an acquisitions. >> right and that's free advice

>> free advice >> yeah. >> you know they're both listening. when this happens in a month from now, they'll pretend they did it all on their own. i thought it was a fine quarter. the revenue miss upsets people at $is 50, qualcomm's trading higher than next year's numbers. it's not rich compared to the fwrard s&p 5 hoochlt so i think you buy it here. i nabbed people get caught up, revenue miss, eps in line, they weren't thrilled with the guide but still 85% operating margins. i think you buy the weakness >> coming up robinhood regulation jay clayton will join us next. it's hard to hope, hard to cope with crisis. so we get to work. we mend, fighting for every person in every neighborhood; we, the coming of the common good. so dare to care,

to be hope-sided. we're never divided, when we live to give, we always live united.

revenue miss, eps in line, they i nabbed people

welcome back to "fast money. janet yellen wants answers she's calling a meeting of top financial reagan lators as early as tomorrow potentially to discuss the market volatility driv driven jay clayton joins us on the fast line thank you for joining us we appreciate it >> thank you, melissa. >> certainly there are so many topics to be discussed but in your view, what is ripe for regulation >> you got into this with janet, who's an experienced pro here, convening a meeting and whether it's a meeting or she does it bilateral with the s.e.c., the fed, this is the right thing to do she's experienced at least things, but karen use a very good word "ripple effects," top

of mind for those folks will be, ok, we had a situation where we departed from flgs collateral was required. there were questions around liquidity. how do you find that out you get the people armed the table who handle these markets, the funding markets, the commodities markets, the securities markets what happened. janet's a pro and that's what she's oing >> seems like ripple effects, there are two sort of obvious ripples out there. that is hedge funds that are overleveraged. they were overshort this particular position, given their portfolio size then there's also the clearing houses which overnight told robinhood that they needed 3 million dollars worth of class ram. are those the two biggest ripples that you take a look at or are there others we're not

thinking of? >> you have a situation where there was the opportunity, if you use the word like the kindling for us to depart and have a technical gap-out with large short interest, where you would say is, you know, low relative trading, people overstemmed and then huge momentum from a new source as well, so i think that's sort of the postmortem we know today there will be more digging into it >> sure. >> what did that result in that resulted in something that happened before. it happened in march of this year and fixed income markets. it's happened where clearing the houses, which are really nodes in our system. we overcollateralize and they have variation margin and they called on it and that's the, i know, thing that happens in these types of situations, by we have to look at all of that together.

so yes, those are two things that need to be looked at. also, information around short interest is something to be looked at here i mean, yousee estimates of short interest that vary widely, and then there's -- as bob pointed out the top of the hour -- i got to tune in and see him -- look about whether there was any inappropriate or unlawful behavior here so that's the array of things that will be top of mind for the regulators >> also top of mind is if there need to be guardrails on these type of investors. can you fore see that happening or is that too difficult a thing to put guardrails on shouldn't people have the right to lose money if they want to lose money, make -- whatever you want to call it, put their open capital at risk. >> look. i think what we have to be careful of here are blunt guardrails or very blunt regulation this -- our markets are somewhat

nuanced. one of the things that has always troubled me around the retail investor is leverage. whether that's leverage on margin or leverage through options, you know, that is a concept for the consequences of it are difficult to understand until you've been educated and have experience. so, you know, should we have guardrails around those types of things i'm a believer in that i believe those guardrails should be examined as we have more and more retail investors, more retail investors coming into our marketplace i also think more and more new retail investors, emphasis on investors, not trading, coming into the marketplace is a very good thing >> thanks for coming on with us today. it's karen from a different side, i'm surprised we haven't heard anything from gamestop what is their duty do they have one to say anything i don't know if they would want

to issue shares here what do you make of that >> well, karen, gamestop is the issue and they have their information, their information about their operations, their information about their prospects, what their whole liquidity situation looks like, and that is the information that they know best and they communicate to the marketplace i don't know that there are any better position to communicate about trading than the professionals in the marketplace. where do those two meet is if gamestop were to want to raise capital and they would want to be sure that raising capital, they could disclose where they stand in a way that investors who are buying directly from gamestop have all of the material information to make that decision. and this varies from company to company, but as companies stock price runs up, look, it's natural to take advantage of a

good stock price if you're closing all information to raise capital >> hey, jay. so while you were the chairman of the s.e.c. back in 2017, there was a huge retail friends write in crypto, predominantly in bitcoin and the ramp was a slick trading app called coin base what do you take away from that experience obviously we saw a crash in the underlying crypto markets. now obviously we've since made new highs, but are there any lessons to be learned by what you saw with crypto? >> i want to separate investing and crypto currencies. let's just establish that. in terms of access to the marketplace and technology, it is a -- it is, in my view, a full variant to try to stat or

keep technological advancements from taking place but you need to look at the technological advancements and say how do we need to modernize our regulation so that the same principles that drove it when we had nails are now fully implemented. the principles are the same but we need to look at whether instant access on a phone and the like were still applying the principles in the way we did when we wrote the regulations during the area of the mails and ticker tapes >> you made the clear distinction that new investors are welcome to this market, not traders. why make that distinction? what makes a difference? shouldn't anybody in the market be welcome, whether they want to trade on a minute-to-minute day-to-day basis or year by year basis or decade by decade basis? >> now, melissa, you make an

excellent point. what i want to say to individuals who are new to this is that investing over the long term is a much less risky proposition than coming in and trying to make short-term trading profits. >> ok. got it jay, thank you so much for joining us >> thank you, melissa. >> jay clayton, former chairman of the s.e.c guy, your take >> well, brilliant man when he was there, 50% of this panel was from the university of pennsylvania, so that troubles me a bit nchts but he said in the decoupling from fundamentals specifically about gamestop but that horse left the barn years ago in terms of decoupling of fundamentals we see it all over the place if you want to get to the root cause of much of this stuff, it's the fact at months. all of those things and the unintended consequences of free

money are manifesting themselves in so many ways. this happens to be one of them, in my opinion. >> it's also in the eye of the beholder it's not a science, it's an art. anyway, coming up, ford's feeding higher this year, so are atra ineear roads into earning s. th tdes xt

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welcome back ford is on deck to report earnings after the bell tomorrow the stock is ripping through the beginning of 2021. mike spotted some things that could point to bigger gains ahead. what did you see >> yeah. so ford typically has moved about 5.75% over the last eight reported quarters. it's implying a larger move, about 8% higher or lower by the end of the week after they report but most options traders seem to be betting it's going to be on the up side. we saw carl's outpaced the 1about 25,000 were trading for just under 30 cents. of course there has been some

good news coming out of ford, including the new bronco, the best-selling vehicle in america. a lot of news on the, v front. >> a lot of rerating going on in the auto industry thanks to evs and valuations over there. karen, where do you stand on this space, gm, right? >> right long on gm we saw that news about potentially some shutdowns because of the chip shortage, but i think it will be a blip. it's still, i think, relatively inexpensive. i like what he's doing to materially turn around the business >> all right thank you for that we'll see you friday when options action, the full show airs 5:30 eastern time coming up, a megadeal in the pod space. cannabis king is here today. he's going to get into the weeds. couldn't resist. much more "fast" straight ahead.

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to make the most of your mobile experience. you can shop the latest phones, bring your own device, or trade in for extra savings. stop in or book an appointment to shop safely with peace of mind at your local xfinity store. welcome back to "fast money. g.w. pharma flying high. jazz gets a new cannabis

epilepsy treatment for all tim's disclosures go to fast.cnbc.com. is jazz now a pot stock? >> well, first of all, their investment in cannabinoid science is important for the entire industry. the trademark drug for gw pharma treats epilepsy. there's phase free spas sis ki at work. exciting for gw pharma which for many people has been one of those companies that could have rerated and at times have. this is another important sign that strategies are coming if you'll remember in 1.0, part of the fren zi in cannabis were the strategy required. i realize it's on the pharma side but it sends a message. cannabis markets have been in a

frenzy as well also around the chuck schumer comments about a faster track on federal. so look, gw pharma is one of the largest positions in my etf. i think the stock would trade higher >> let's go to phil lebeau for breaking news. >> look at shares of apple why are you looking at apple we have confirmed for multiple sources that apple is in discussions with hyundai kia to build an apple car, if you will. it will be a car that will be designed and developed by apple. it will be built potentially at the kia plant in west point, georgia, about 90 miles southwest of atlanta they have some available capacity there and according to our sources, apple and hyundai kia are close to finalizing an agreement that would have that car built by hundai kia here in north america. we have reached out to spokespersons for both apple as well as hyundai kia. both of them declined to comment on this report, but we have it

from multiple authorities that this train is going down the track, melissa, that apple will be building an amle car, at the present time actively scheduled for production to start in 2024, but all of the sources we've talked with have said this could be a pushback to 2025. nothing is written in stone that it's going to be rolling out that time but it will be an autonomous electric vehicle. the focus on the last mile, which is so critical, whether it's robo taxis or package delivery firms, at least initially that will be the focus of this week back to you. >> is hyundai kia the initial company that was reported and then the deal was allegedly scrapped because they went to the press about it, etc., etc. >> necessity almost everybody i've talked with has said don't be surprised if apple is in talks or has had talks with other auto makers

this isn't an exclusive that this is the only company we're going to work with everybody says the same thing. we've seen this kind of reporting in the past with apple and nothing happens. >> yeah. >> at this point nothing has been finalized but our sources indicate that they do plan on building an apple car here in the u.s. and that they are targeting that kia plant in west point, georgia >> phil, thank you so much phil lebeau with the latest news on apple again autonomous ev targeted for 2024. apple stock is up by 2% in the after hour session do you like hearing this news or is this just a stretch >> i think it might be a stretch and i can't help but think, all right, this isn't going to happen for a couple of years but we're going to sey gantic expense ms. the meantime i guess if the street can look through that, ok but i'm sort of -- i'm not thrilled with it but they clearly don't care what i think as a shareholder

>> it's autonomous it's not the kind of car that's going to go head-to-head with the tesla that's on the market right now. by outsourcing the manufacturing you'd think they'd reduce a lot of the costs and it's software for apple and design what's your take >> love it it's a b to c thing. they don't have to compete with tesla, they just need to make a good product the total addressable market for this is bigger than smartphone i love the idea. they just raced money, 40-year paper, 50-year paper have at it figure out what that next huge market is. to me, i think it's the next great clegg. 4 leg. >> it knows where you're going because you already searched on your phone i don't know, guy. sounds like a whole new world. >> yeah. very jettison like clearly it's not me.

my question to apple would be when the car needs a software update, is it going to shut down and i have to buy a new one like iphone >> hopefully the battery will last a long time that news crossing moments ago phil lebeau reporting that apple is looking into manufacturing a car with hyundai kia targeting 2024 for an autonomous ev. interesting news with the stock higher after hours tim seymour, final trade time. >> talked about gw farm aichlt i think this is a deal that gets done i think there's more value in the stock. >> karen >> yes walgreen's foods in a little bit from last week i like it. good value here. >> yes so monday i was wrong on my exxon final call to sell it. bad numbers. stock acts well. you probably don't want to sell a stock that acts like that.

>> guy >> action packed show tonight. i really enjoyed it. i was a patchant as well as a viewer >> i hope you're also a viewer otherwise your eyes are closed the whole time jim cramer starts right now. 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, hey, i'm just trying to make you a little money. my job is not just to entertain but educate and teach you so-call me at