discovery down 14. the banks are fellows which i think is the key takeaway from the u.s. banks, where they ended up today. >> absolutely. and it is a holiday week we still have big news-making events including the jobs report on friday, opec plus and biden infrastructure on wednesday. >> jobs report on friday even though mark markets will be closed but they'll be open tomorrow and more discussion about tomorrow coming up now on "fast money." >> i'm melissa lee and this is "fast money. tonight's trader lineup. tonight on "fast," a tiger cub gets de clawed and taking down shares some of the biggest chinese stocks what is behind the selling could it be over done. plus two social media stocks taking flight. we'll dig into the big moves on facebook and twitter and later music's new frontier, why an opportunity for nft we start on with archegos.

they are all down again today. let's get straight to leslie picker >> this is a story that for many on wall street are those who watch it closely, well they say it defied logic. before friday most people have never heard of archegos managed by bill wong he made headlines after paying a multimillion-dollar fine to settle a insider trading case, but other than that wong flew under the radar so you could imagine the shocks that revealed his fund was going through the liquidation amounts to tens of billions of dollars. he faced a multitude of margin calls that caused forced selling in the media and technology names as well as the chinese internet names that you mentioned earlier. the financial times is reporting that he was able to amass

positions with eight to one times leverage and in some trades that ratio skyrocketed to 20 to 1. now the people familiar with wong's agreements that, type of leverage is practically unheard. it it is multiples higher than even the riskiest of funds out there and it means that even a small move downward could force significant pressure in this case, once in a decade event as a source called it. regardless of the nature of archegos' can demise, it is raising questions about transparent, and the silo prime broker systems and regulations governing. >> there are layers lack of transparent that engenders, swaps are not transparent by nature family offices don't have to file anything with the securities and exchange commission and prime brokers siloed so he had marg calls at six

prime brokers, that is just mind-boggling to me. >> i think that is the response to most people have to what happened today as we starting to unpack what happened is how is it that no one knew the true picture of what was going on and it all comes down to disclosure, transparent, what is required to be disclosed, what is not required to be disclosed. the fact that he's a family office, if he manages outside capital, it is very little but mostly his own money here. and so buecause of that he's subject to different regulations than a hedge fund for outside investors. and because of that, part of that is what enabled what happened last week as well as the fallout today. >> leslie, thank you leslie picker tracking the story. i'll go to karen first on this what were your thoughts when you saw this a lot of people were saying this is not systemic. it is a probably a one-off thing but if this has happened across

hedge funds that multiple were doing it, it is possible that it could have been or could become at some point in the future if this happens again, something that could effect trading at large. >> right although, it is mind-boggling. but i think if hedge funds were involved, at least there you would see a level of disclosure necessary that could maybe prevent some of this right. so, if they have to disclose a giant viacom position and you were a prime broker and you saw that and your another prime broker and you saw that, well then maybe you would have a discussion with them i don't know how they got comfortable with this much leverage and i don't know when it started on the way up, maybe it wasn't all reddit, maybe it is buying and getting bigger and bigger. and then on the way down, i don't know how it started to unravel, whether it is the

offering or the valuation got too extreme. to me, lthe winner, in this this whole situation, is chopra, the cfo of viacom, they sold $800 million of a convertible preferred at $85 so very good for them. the stocks now 45 dollars. i don't know if they'll buy the stock back they wanted it for investment purposes for their streaming which is irrelevant to the story now. viacom is a vessel for crazy leverage once again sort of leverage go before the fall always astounding. >> guy, what do you make of the situation and do you think that -- i don't want to say it could be replicated, of course it could in theory unless regulations go into effect but what kind of danger do you think this could pose? >> well, i mean, when i saw it, i'm like there has to be some

systemic risk. but karen and tim and dan could speak about this much better than i could family offices may sound quaint like jed clam pet but they become bigger than the hedge funds. they were a decade or so ago if you think this is the only one doing things like that, think again. and by the way, we talk about how could nobody know, rogue traders become a great terms over the last decade and i'll say it again, please don't at me, but the difference between a rogue trader and a partner is the pnl. so people do know. let's not pretend. and we're seeing firsthand how leverage could work for you and how leverage could work against you. and i'm with karen on the best trade here that secondary price at $85, you wonder somebody is probably sitting with that. i'm hard pressed to believe that entire block was placed. so there are so many things about this i think that spike in volatility on friday around 3:00 was

interesting and i think the market is still way to complacent when it comes to things like this. >> we saw some fallout off the session lows at the close, tim, so how do you think about the market cap that was taken off of let's say morgan stanley versus the risk that the bank, the firm actually faced from this, especially as leslie reported earlier today, they're done liquidating the position and they don't see much more of an impact at this point. >> yeah. and i don't think morgan stanley was much in the line of fire here by the way, look at morgan stanley's chart. it is not the same as viacom, but morgan stanley has had a massive run and sometimes you don't need a lot of reasons to take profits and maybe this is enough of a reason to say i'm a little concerned about systemic risk that is always one of those hind site and i think that is the question here. to what extent is leverage run

amok, when liquidity is absolutely free and then you throw in the derivative element which are swaps and in some cases you don't have to show ownership when you have more than minority positions and so that is a case where i think in some cases you don't really know who are behind a lot of trades and in fact part of the reason for using swaps is so you can be anonymous. that is why big hedge funds use them, because they are trying to do this away from the street so, look, i think this -- what i would call the risk factor for the last couple of days, what worried me is the vixner 20 and the ten-year is breaking out and the dollar is up 4.5% and doesn't show any signs of stopping. >> dan, it is not like swaps haven't caused the system any problems in the past at all. >> it is not like that, mel. yeah, i think that there is something to look back to 2007

and say that we started to see canaries in the coal mine. there was other activity that was kind of piquing interest that a lot of the people, the powers that be were saying were contained and they clearly weren't. so i think we're going to look back at this event and we're going to see a bunch of hedge funds with a lot of leverage in some positions that were really crowded and things got unwind -- unwound not to their liking. so when i look at the broad market, tim just said the s&p 500 is basically at all-time highs while the nasdaq is down about 7% some of the biggest components in the nasdaq are down a lot more when you think about apple down 15%, the largest stock in the stock market, zamazon down the same and then zoom down nearly 50% from the highs i just look at this price action in a lot of different names. you just mentioned viacom went from $40 to $100 to back to $40.

and the that it is contained to a small group of hedge funds and investment banks is nonsense because all of the major hedge funds do these strategies. i don't know what happened here to cause this unwind and then the other thing i'll tell you is what tim was just talking about, the bank stocks, you're telling me that the bank stocks are at multi decade highs where they haven't been prior to the financial crisis and you think this is contained to two small tier two banks no way there is just no way and whatever caused this unwind last week. so the notion that the s&p is threatening new high and the vix is where it is at one year lows makes no sense so going back to what guy said, the complacency here is the thing that should be causing al abells to go off. >> let's get more with danny moses. he's also the co-host of the on the tape podcast that also stars

our friends dan and guy. great to see you >> great to see you guys. >> do you agree with dan in that you think people are being a little bit too complacent. from the morning on throughout the day the line has been looking at this and it doesn't seem to be systemic at all and it doesn't seem to have any ripple effects and it seems to be just an archegos capital problem. >> i don't know whether it is systemic i do think you could connect the dots what caused the margin calls. it wasn't the stocks dropping dramatically i was watching the green sill story unfold and if you remember credit swiss is on the hook for potentially billions of dollars and that review over the past couple of weeks, part of that view are we valuating our risk across the business and we know they have exposure to this fund. we know at least five times leverage and we don't know the

exact dollar amount but they they said take risk down across the board and the ripple effect occurred and there are several counting parties i don't know if there are more copycats out there i don't think they could blame short sellers for it this will play out in the next few days. >> danny, it is karen. thanks for coming on when you think about the risk of the banks that do this kind of financing, do you think of credit swiss and maybe others in one category of risk and morgan stanley and goldman and jp morgan in another or do you think they're all taking the same kind of risk. >> it is hard to tell. it is probably client to client. you get some of the more exotic trades in the european, foreign banks, i think u.s. banks are careful to not look bad to the regulators because we know what happens when something like this occurred we'll be hearing next week that it is going to go on down in

washington but it is just amazing to me, leverage is always the root -- and the history has been leverage and to allow leverage to this person who had an insider trading issue back ten years ago to known to manipulate stocks lower when he was shorting chinese banks and now appears to be manipulating stocks higher and there are probably other stocks that we haven't heard about that he was involved in. but i think the risk controls on the margin, no pun intended are better at the big u.s. banks that the u.s. subsidiaries out there. and you look back at the time with the cdo's and cds, it fell on the french, spanish banks the u.s. banks were in the middle of it but the deep leverage and the increased leverage was on foreign banks at the time they were just less regulated at the time >> so, danny, you just mentioned you've been tracking the green still situation. we talked about it this month.

and then now we see the situation with leverage coming undone in a multi strat fund take me back to 2007 when you were obviously prominently featured in the big short here, some of the stuff you were digging around as far as the housing market and the products built on top of those loans. could it be that these situations are just one-offs here because i remember 2007 and i remember when the first cdo blew up and people saying that you don't understand it. this is a one-off thing. wells it the thing that almost took down the financial markets globally here. are there any threads hear that we cou we could connect that might remind you in 2007 and lead up to 2008. >> sure, as it relates to green sill, there is a lot of relevant comparisons. they were offering, quote, money market type of returns for an ensured product of supply chain

financing. and so with that, they marketed $10 billion to their high net worth. instead of getting negative returns, let's get 1%, 2%, 3% on the funds. if that sounds familiar, let's think about mbi and aig ensuring cdo's at the time where money market funds in the u.s. globally were at the sub prime mortgages and people thought they were safe and aaa rated and that is similar with the type of products accessible to what people think is safe is the same as it relates to this particular deal, with this hedge fund or this family office, i think it is somewhat contained. but again, wall street is the enabler that givers to the leverage to the system that allows people to blow themselves up and that will change, whether it is long-term capital or this that is the one continuous thing

the same. >> great to get your thoughts. thank you. tim, for a brief moment in time here, there is going to be a focus on cds, excuse me cfd's and swaps. so what do you think would be the most constructive outcome of this in terms of things to look at, things to examine and take a hard look at >> well, i think leverage in the system is really what this comes down to. and let's be clear, these assets that were underlying the swaps are not difficult to value they're easy to value. they're publicly traded and very liquid companies for the most part as opposed to esoteric cds, cdo's on assets that were made to look aaa when in fact they were junk. i worry about an environment with liquidity is free these things happen when nobody is watching and when in fact the system has been pumped up with liquidity. are there people over there right now, you bet you have market conditions changed

in the last three weeks. noticeably look at how the market dried up and the high multiple stuff, squares about to trade below 200 and look at high multiple tech that is the stuff investors should be worried about. we haven't solved derivatives and their potential risk to capital markets overall but it is a very different world and the bank balance sheets are very different than they were in 2008. >> let's get to today's market action, the dow closing at a new all-time high finishing in the red. but check out the russell 2,000. fell down 3% now down 5% over the past week. for the year it is the outperformer of these indices. >> you asked me last week about seemingly what is going on with covid and happening in europe. some of the states here in the united states and then you heard some of the comments out of the cdc today. maybe it is all playing into the russell specifically and the broader markets is not paying

attention but the iwm has not traded well since i want to say last two and a half weeks or so. it has been a straight line lower albeit for a bounce. i think it is telling the story that the reopen trade is not as robust as the iwm was saying a month ago. an and i throw this one as well, the russell loved rising yields but we're at a poichbts now where it doesn't so i think those two things are playing in right now. >> dan, your take? >> i do think it is interesting that the nasdaq is also in a very clear down trend. and so the russell, because of that outperformance that you just mentioned is going to be a bit more volatile here it hasn't broken that low from earlier in the month i think you keep an eye on that here but i do think that there is air to come out of the russell 2,000 when you consider the outperformance from energy and some financials there. and i'll go back to financials you can't tell me that the xlf

where it is, just a few percent from these 10-year highs or something is incorporating all of the risk that we've seen in these two crises i don't believe they're contained to these two situations these banks have a lot of risk in a lot of different ways and tim makes a point, they are not cdo's, i get that but they are iner connected on the other side of a swap is another big bank we have two smaller banks her but i suspect there is more to come. >> i want to go to karen karen, how do you counter what dan said because you haven't changed your positions >> right no, i'm still long banks on a day like today where we see the twos, tens go higher and that is a good thing but however we don't know the magnitude of the losses for the capital markets group, of whoever is involved here they're all probably involved in some way or another. that is a little bit

disappointing for sure, that we've seen -- i don't know, every several years we see something like this. i am optimistic that the losses will not be significant here for the morgan stanley and jp morgan and goldman sachs of the world. >> coming up, one big bank hitting the like button on facebook we'll break down the call of the day and more fallout to archegos international stocks falling so sts time to go bargain hunting we'll break it all down for you when "fast money" returns. does. new immune twenty-four hour plus has longer lasting vitamin c. plus, herbal and other immune superstars. only from nature's bounty.

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welcome back to "fast money. time for our call of the day shares of facebook jumping almost 3% after deutsche bank had a new street high of $385. analysts see revenue growth driving positive add and facebook is raising first quarter and full year 2021 estimates. what do you make of the call certainly had a big impact on this stock today. >> 385 is a price target do you a multiple. they could earn $13.5 or maybe more next year and year talking about 28 times numbers which i have to tell you something, in this environment, given their growth rate and given their

position in the market, it is down right cheap so i don't think that is unreasonable at all. stocks obviously have to get through that september high which i think was 305. i said it a hundred times and i'll say it again, there is absolutely nothing that i like about facebook i find it reprehensible on a number of different levels other than the stock and i think the stock will continue to rally into the april earnings release. >> the analysts made the point about valuation saying that trades at a 20% premium to the s&p 500 right now it is paritiy, it is the same and how does this fair in a world where if rates are climbing to 1.8, 1.9 who knows how facebook will fair. >> i think mega cap tech is trying to figure out what to do with higher interester rates even if we go to a 2% tenure facebook has traded cheap to the

peer group and growth rate 31% q1 fx growth is amazing. why does it trade cheap. we've pointed out there are different reasons why i think there is not a lot of confidence in this management team. there is a regulatory overhang there may be an esg overhang so i may sound like a broken record here, too the catalyst around reels and shops are two things that i think are more important on some level than this reaffirmation of ad revenue because stock has been caught in the rain since the summer and therefore maybe these are catalysts, maybe they are catalysts. >> i know you were watching at noon, dan. as you always do the halftime report. i was hosting today. and in the conversation about facebook, i was talking to joe and he said what if this company were named instagram instead would people be more willing to assign it to the s&p 500 at this point. why is it a parity at this point and what is the emphasis were on

instagram instead? >> yeah, i think investors are focused on instagram and they're focused on reels and the products that look a lot more like the upstarts that their competing with than what facebook looked like seven, ten years ago when it went public. if you think about it that way i'll just mentioned this and again sounding like a broken record, i think tim just said that, go look at facebook financial. it is run by a guy named david marcus we've said this again and again. he used to run paypal. they are going to be unleashing a cryptocurrency called d.m. this year. so you talk about social commerce and some of the opportunities that they have here, you talk about 3 billion people on this planet who have some form of facebook account and the ability for this company, if they get this thing regulated and it turns into a means of exchange on their platform, this is the next leg of the story it is not copycatting snapchat or tiktok or whatever, it is about social commerce and social

currency and whatever they do in the crypto space. >> coming up, chinese tech stocks on the fritz as investors deal with the aftermath of the archegos what should do you if you own some of the names. and lululemon could be stretching into some gains 'lbrk wn the action when "fast money" returns and change came to every part of our universe. seismic or small, it continues. change is all around us. shaped by technology and human ingenuity, we can make it work for you and your business. keeping your oysters business growing has you swamped. you need to hire. i need indeed indeed you do. the moment you sponsor a job on indeed you get a shortlist of quality candidates

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i really hope that this vaccine can get me one step closer to him. to a huge wedding. to give high fives to our patients. to hug my students. with every vaccine, cvs is working to bring you one step closer to a better tomorrow. welcome back to "fast money. the china tech wreck barreling on as they ingest the hedge fund archegos the k web etf who mentioned alibaba among the top holding falling another 1.6% it is down 11% over the past week

let's bring in brendan hearne from crane shares, running the k china etf. great to have you with us. >> thank you, melissa. it is great to be here. >> there is a lot of forces potentially causing the sell-off that we've seen in this. so what is your sense of the impact of this particular hedge fund's unraveling on the etf >> well, we've been going through a little bit of a correction after chinese new year, a lot of growth, cyclical work-from-home stocks and we were going through a correction and this hedge fund liquidation concentrated in chinese adr's and some u.s. names have thrown gasoline on this correction exacerbating the move and we're hoping that these folks are all flushed out and markets could resume to getting back to normal. >> one of the reasons why we asked you on is because what we've seen in the past with etfs, whose top holders are seeing selling pressures that

the basket gets wrapped up and do you think this is going on with k web and which shares do you think could be the opportunities here that may not actually be getting liquidated but simply liquidated because people with getting out of the etf. >> certainly we know that this family office hedge fund was concentrated in ten sen music iq and vip shop and gsx so what is interesting, we've seen these exacerbated moves particularly on friday, last wednesday. at the same time names like jd.com, alibaba have held up much, much stronger. so over the last two weeks, maybe some of this hedge fund liquidation was taking place up to two weeks ago and this final flush on friday and hopefully today gets this behind us. >> it is tim i'm a long time investors in that part of the world and a big

believer in the chinese internet story but i'm very concerned about the pressures on both sides unrelated to a tiger cub they are s.e.c. de listing dynamics for the biggest chinese internet names and you have them cracking on alibaba and then ten cent, does this concern you about trends for investors here? >> i think on the s.e.c. tide, we've known that this was out there, we're hoping that under the biden administration that the two regulators could come together, put this to bed. i mean, this isn't rocket science so we think the de-listing is something that is not going to happen in a very, very long time three years plus out we think there is time for a resolution on the china regulatory side, again, these are the golden gooses these are the best companies in china. these are the companies that everyone in china wants to work for and i don't see them killing the golden goose at the same time similar what we saw in

europe with the gdpr, privacy data, three years ago, it didn't adversely effect the companies they have just had to abide by the new rules and we'll see that in china as well. >> great to speak with you thanks brendan hearne tim, i'm going to you. we used to call you the ambassador once upon a time because of your international investing. >> i hope you still do. >> and china was not tension in jack ma and it's most beloved millionaire, the man of the people. >> i'm not sure who he's beloved by and certainly for a long time it was investors we've talked about the impact of ali pay and pushing back on financial and but i do believe that the chinese regulators, especially on the anti-trust

side has a role to play that is very important for their economy and that is not necessarily, you know, subversive i think that that is not something that i worry about as much i am worried about a discount factor for these companies by the way, i own ten cent media which has been pushed around and it's move was almost medioric on the way up as well and this is a company that announced on the back of the tiger blow up, tiger ex i should say cub blowup, their initiating a billion dollars buyback and they're being opportunistic. i love this story. 60% add growth and long and short form. >> and karen your citing viacom. you actually bought viacom >> i did i bought some viacom today i mean, when things start to trade down at a time there is usually something else going on

and obviously the very much noted force selling, that is a dynamic i like i'll never be able to pick the exact bottom but i had owned this stock opts way up and sold it a $57 and kicking my self when it traded $100 i couldn't take it any more. but now i could reload it at the same price and they've done this great offering so they've raised cash and at an exceptionally good price. so i actually bought some here i'll probably buy some more. i'm never going to pick the bottom, though. >> coming up, big changes could come to the music world thanks to the nft boom. the front man nicole gillette joins us to talk about how it is shaking up the industry. and sign up for the at work summit hear from the voices redefining the work. register at cnbc.com/work. "fast money" is back in two.

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welcome back to "fast money. we have a trader triple play for you. check out shares of moderna, boeing and twitter on the move twitter flying high with an upgrade to a buy, truist calling it the most exciting product

road map we've ever seen out of twitter. dan, you aagree. >> i do agree. i think twitter spaces which he did not mention is going to be a monster for twitter. so i'm very bullish on twitter i have been. but think about it, look at this chart. after it is made new highs, after big ramps it pulled back between 20% and 40% four times over last year we're down about 20% let's see if we get this thing with a five handle back towards that uptrends, that is where i would reload there. >> guy, in a sentence, i never thought i would utter on tv, you have actually used twitter spaces is that a catalyst. >> why does that surprise you. you say that like you're shocked. i'm so technologically advanced, i think people underestimate my prowess on the technology front. and i sheridan's opinion about twitter. stock went from 45 to 80 in a month in a straight line to the pullback was much needed i think you continue to own it

into earnings, i think at the end of april so bullish twitter as well. >> next up, shares of boeing feeling lost today as southwest airlines placed an order for 100 747 max jets good news, tim. >> and this is the story, as airlines go on reopening and we saw this from united and southwest, it is not only the near storm orders but the options on orders out from 2022 to '29 i think there will be others to follow i again see a lot of inventory that needs to bere placed. i say long bone. >> what do you think about the reopening play. >> a turn around play or a reopening play but the price is reflecting optimism. i felt the same thing about the airline trade, and so for me i don't own boeing, and i certainly wouldn't short it. but i feel like a lot of good things already priced in

they need to be selling planes for the stock to stay here. >> and shares of moderna dropping today we brought you here on "fast," the white house is waiving removing the covid intellectual property shield. guy? >> i wasn't with you on friday because you do the great show at 5:30, the options action. >> to be honest, i wasn't here on friday either. >> come on. >> i'm glad you're watching. >> it is problematic but i think there are other levers for moderna to pull karen brought this up six or seven months ago how they're probably best suited to -- i hate to use the term because there is so much more work here, but to monetize some of the things that they've done so although there was a bit of a -- it is not a great headline, think that is a headline the market will rook past so i think you could buy moderna again. >> they have a pipeline of vaccines built on the mrna

technology and they could use this technology which is proven at this point and if the shield is removed, i don't know what is left if you could sort of back engineer this whole thing, dan >> yeah, listen, i don't think that it would be particularly fair to do that to this company so i think they're probably doing it to ease some of the kind of supply constraints right now. but i get the mrna technology is the technology guy has been great on this name. the stock broke out at 100 back in december and traded between 190 and the levels where it is now. the 200 day moving average is near 100 you might want to wait for it to get back down there and it feels heavy and that is on the load side. >> shares of lululemon and will tomorrow's earnings bring a dose of zen but first will musicians get their piece of pie this could be a huge turning

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welcome back to "fast money. nfts have made a big splash in the art and music world.

artists such as grimes and kings of leon getting into the video and record releases and the next guest penned an op-ed on nfts on what he called a new frontier for the music industry let's bring in the lead singer of hollywood park. great to have you with us. >> thanks for having me today. >> you speak our language. you say music is underpriced and i wonder if you think nfts are a way to remedy that solution, that problem. >> i think that is part of it. i think the main things nfts are harbingers of something else if they're going to be the panacea that changes the world is overinflated. i don't think we'll get into the fine art business and be like people and sell a report for $69 million or something i think it is more that we're talking about a new frontier with nfts and we're seeing the leading edge of it in our art

and music and new frontier is i guess you could say the internet of value which is functionally different from the internet of say social media, the e commerce internet and that is something massive and there are a lot of applications for ip including fine art and music but also many other industries and also i feel like part of it is just the promise of the internet was that you could always -- be between artists and fans, that is what we are told and at any point the music industry was disrupted that wasn't true and i think we might finally be knocking on the door of that but perhaps not for the reason that everybody thinks. >> the point that you make is that so many times there have been these disruptors that come on the scene and change the way things get done in the music industry and yet it is not to the artists's advantage, nap wire and now spotify. nfts are going to be different,

you think. >> you make a good point it is not soul sucking any more, we're not going to have the corporation taking the profits any more napster was going to do that and the internet funds and they found a any wau to be soul sucking and to put courses into the driver's seat which famously go 88% of profits go to corporations, not to artists and so it is like creative ways of taking advantage of tarveing artists who are expected to -- to continue to starve. >> so mikel, you just made the case how technology, the internet in particular has not made it easier for artists but with covid now, all of a sudden you guys were making a lot of money touring there was one area where you could flex a little bit. how do you think about nfts kind of disrupting that part of the music industry when we get back to touring which is going to

come probably pretty soon, this summer >> it is a great concrete example of why ownership matters and why smart contracts in this internet of value matter so right now if you're a band that goes on tour and you sell out a venue that has a thousand seats, then what happens is once it is sold out a bunch of people go on stub hub and they take some of the seats, maybe the front row or the best seats and they put them on sale for let's say -- sold for $50 and they put them on stub hub for $300. all of that value is going to stub hub and it is going to the scalper and none of it is going back to the artist if you made the ticket itself, a token, if you tokenize it and encrypted it and make it a qr code, you could build into it a smart contract so every time it is sold you could say what percentage goes back to the originator of the contract and in this case it would be the band he made it 10% every time is resells, you could

get 10% but with a ticket you could say 80% or 60% and i i'm going to put it on stub hub for $300 and stub hub gets some money and the scalper gets some money but in this instance now the artist gets 60% of that inflated value of that ticket whereas right now they don't get any of this. >> thanks so much for joining us we hope you'll come back. >> thanks. so we have music lovers, we have music maker on this panel tim, i'll go to you on what you think nfts could mean? >> well he's right, the value that music plays in our life and what it does and how it changes our life is worth more than pennies per streaming. and the biggest artists who are 1% are the ones that get 80% of the flows or more. so, look, i like the fact that you're creating unique experiences and creating something that is unique look, music fans are also collectors and i think they're willing to give more back to the band to have that kind of a -- what

feels like an intimate personal connection i love the ticket idea i hate the fact that i'm getting whacked at stub hub and i know someone on the other side is also getting whacked and no one else is seeing it but then so there is much to be improved. disservice charges and we know who the ticket agencies are, is just not fair. so fans and artist as like want to see this change. >> just quickly, karen, you're an investor in live nation good or bad. >> i don't know. i was thinking about that. when he's talking about going on tour, could live nation chop up parts of the concert and make nfts out of them and sell them to the highest bidder. and could that be an ad-- additional revenue stream. and what is in is ticket master and that amount is decreased that is not good for live nation. >> coming up, options trader are

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cramer cam he's talking with the intervow at the top of the hour on "mad money. lululemon reports tomorrow at the bell the company off to a rough start to the air but the options market is betting tomorrow's results could kickoff a turn around let's bring in mike khouw with more on what to expect. >> so taking a look at lululemon, the options market is implying a move of about $20 higher or lower by the shortened holiday end of the week. that references a move of about 6.35% of the current stock price in line with the 6.5% that the stock has averaged over the last eight quarters and the most active options were calls and most of those were short dated in nature ending on thursday of this week, the 340 and 350 and 380 strike calls 3 ho 40s were trading for about $3 so the buyers are expecting an upside of greater than the 6.35% that the options market is implying since the stock would need to rise at least 8% for those calls to be profitable

>> guy, your quick take on lulu. >> it is interesting go back to september the stock went from 399.90, basically $400 down to $285 in a month. that $285 level is huge support. i think it sold off enough to take a look at it. but the right thing to do is wait and see what they say and buyer sell it after earnings. >> thank you, mike khouw, sunshine in next friday, not this friday, next friday at 5:30 eastern time up next, final trades.

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it is time for the final trade. around the horn we go. tim? >> let's talk about music and streaming. let's talk about hedge fund blow ups. ten cent music, stay there >> karen >> yeah, viacom, crazy ride up and down and right back where we were and now paramount plus. i'm long buy it right here.

>> dan >> hey, check out mikel's memoir and for tim's chinese internet, check out the fsi bouncing off of $40. >> guy >> check out the stealth move in lockheed martin. >> we'll do. thank yo my mission is simple, to make you money i'm here to level the playing field for all investors. there is 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 money. my job is to entertain, teach you. call me or tweet me @jimcramer everybody freaked out