of supply and demand with people fully invested, a little bit defensive in terms of seasonal effects. so far the trend is fine just looking a little choppy in this moment. >> a hearty final thoughts, mike, after being squeezed the last two days. >> at the ready. >> always has a nice spiel. >> "fast money" starts right now. >> i'm melissa lee, this is "fast money. tonight's trader lineup, karen finerman, tim seymour, dan nathan and naddour nad ian tonigh -- nadine tonight on fast, looking at uber and vaccine smack down, covid vaccine maker takes a big hit as white house supports waving patenet protections and later, peloton stock drops 14.5% today as the company recalls all its treadmills, peloton reports earnings tomorrow morning. we got your set up first we start with break out in

xle energy etf rallying more than 3% today, up 6.5% in the past month, tom lee was on our show last night pounding the table on this sector. >> i think the entire energy complex is a buy o h could almost triple 250% in a move to oil that is really in line with the goldman target of $80 oil. i think energy is one of the better risk-reward. >> and it's the ultimate reopening trade. do you bet big on oil here, tim? >> i do, i have, and i will continue to. i mentioned last night after tom's comment. my basket would be schlumberge and eog and chevron. schlumberge ed is seeing their international business higher -- last time closed above $68

pre-covid schlumberge was a $39 to $40 stock so the conditions are significantly better in the outlook for their core business now before they were in again of 2020 eog, which is maybe one of the best kind of long-term balanced up-stream plays just announced -- and that is something people need to watch for a lot of the oil companies -- they actually have $360 million something derivatives lost hedging the exposure that expectations that prices weren't going to be here, i think this is industry issue others will bring forth and pushes back on earnings free carbon monoxide flow but one of th carbon monoxide flow but one cash flow but one of the better innovators over the year in a name i remain long. >> tom was single out oih.

nadine how would you see it if the oil goes to $80. >> i agree with tim. we've been long-term energy players. t right now given the run up we're trimming so not to say on an intermediate term you can't make money we've preferred european players because you have the energy zount discount and european discount bp crushed it few weeks ago. total. eqinor, shell. when we see gifts like this today we trim it a little bit. >> what happens when you unlock a door that's been locked for a year and let everyone out, if you believe the narratives that the arellano lines are telling us -- the airlines are telling us about the travel,

and narrative of the car companies, chip short ages and extreme demand for auto, don't you also have to believe the energy story are they not necessarily connected? >> i'm not sure they're necessarily consec connected i don't have much energy ex exposure which is clearly the wrong positioning. i know guy and tim and nadine have for me i have not, it's another level of complexity you have the supply/demand pandemic of the monster recession, and then you had this opec saudi arabia element it to it, a time-seemingly illogical actor turns me off the space i did want to have reopening exposure to me is more retail, like, livenation, which is the ultimate reopening trade, so correlated to energy

it's become a great trade. also i just love, we say tom lee pounding the table, he's got that gentle voice, like, yeah, i think it could be up 400%. you know, tom's had a pretty good run of it so it's a good call. but i sadly have really been under exposed. >> i mean, for him monotone is emphatic for tom, dan where do you stand on oil this pound of the trade? >> it's interesting he mentioned oih, you talked about the oil services company, about 40% of that is schlumberge, halliburton and baker hughes those stocks are still as a group still up 80% off their 2014 highs i go back to 2014 because it's really interesting, you know, at that time the fed was contemplating coming off -- or coming out of qe and coming off the zero interest rate policies.

we're kind of in the same spot here there's a lot of pressure, a lot of worries about inflation because you're seeing all these industrial commodities move the way they haven't add the fed keeps saying it's trans torty but at some point the fed will have to raise rate if inflation keeps going. what happened in 2014? we started to see commodities start to sell off, dollar started to rally, oil got cut from $110 to $30 or something like that. i think it's kind of a situation where be careful what you wish for he's the higher commodity prices go up the greater inflation expectations are, the more likely the fed will have to start taking their foot off the pedal a bit. the dollar rally what's will happen to oil. i agree the oih is expressed and could be a bit of a coiled spring, that could be the trade. who am i to argue with tom lee. >> tim do you believe it will

have to be goldilox scenario in terms of the fed stepping in and putting its foot on the brake or are we in a different point in terms of energy, they sold off a lot of other asset in this down turn, they have much different balance sheet from 2014. >> very different and that's the point. the companies are run differently. they're run for pre-cash flow. th they're not run for debt investors, they're run for equity investors in fact, a lot of management teams are no longer in place that ran the business in a different way. so i do think you have a case where, again, back to schlumberge, the free cash flow dynamics are really what get you excited. this company is very different company. it's got a much different structure. a different focus on innovation and technology and it's not growth at all cost. there's not a company out there that could be focused on growth at all cost. so, yes, a painful, painful right-sizing in terms of capacity lack of investment in cap ex,

less op ex than should be, that sets the stage for supply dynamics as well, most importantly, the companies are run differently than in 2014 dan brings up great points that was a difficult time and they washington heading into were heading into a very difficult time >> let's bring in paul sankey, of sankey research i know you were watching tom lee's call you had a thumb's up when tom was on, so you agree with this, but what's your best way to play this super cycle in energy >> well, i loved what you were saying about your discussion up until now has been great and i appreciate it. i love what you're saying about tom lee under stating his bull case, it's very powerful when people say it so calmly and quietly. we like the emp stocks of all of the stocks you've been talking about, the one tim references in terms of better management,

better strategy, better assets, better balance sheets is most applicable to the emp sector and we've seen devin, one of our favorites today, have a big move as they deliver results, as they deliver the right message today. >> it's karen, it wasn't a easy call, can you tell us do you play the still-levered names with more bang for the buck or higher quality, better balance sheets that even if there's a down turn they will survive that better. >> well, that's a great question, and the way we played it is cash return. we're saying, look, there's no trust here, it's going to take time to build trust owning oil and emp companies over what you put us through over the past 20 years. we want companies like devon that announced a special today,

pay me now and i will ask questions later. for the braver and more bullish scenario is to buy heavily-embedded companies, like oxy, because the pace of debt pay down is so rapid so as you go as a reference, i would add a point by the way what happened in 2014 was very heavily related to saudi strategy which is totally different this time, saudi is asserting a lot of discipline on the market where in 2014 they were in a market share situation that was negative for the market that's the different between '14 and now. in stterms of levered names we'e seeing staggering debt pay down in last two courses, and the point is this industry basically breaks even at $55 a barrel, maybe 50 across the board. the difference between $55 a barrel or $50 wti an what did you're seeing on the screen now

70, is all free cash flow. so we're really surprised across the board, i think, is how strongly oil prices when it comes down to it it's about the oil price but we're applying this better strategy making the sector as tom says is under owned look like it will have a really powerful seasonal run, we will have a seasonal run anyway, it's a powerful combination of what we're looking at. >> hey, paul, it's tim, thanks for joining us we've largely been talking about bottom-up story in companies you just started talking about the top-down which for many moments in history the oil and energy trade for the bottom-ups have been top-down trade what's your call on the resolve with opec the relationship with the u.s. will it hold together because the confidence

is before the demand pulls the market higher. >> yeah what we've had is total leadership from saudi they very much enjoy being central bank -- oil -- the only central bank tightening not losening and -- everything is really going great. this past couple weeks we had an opec meeting that actually ended before it started. that's the extent which they made a decision before the official meeting even started. at the moment the opec situation looks very powerful and as you know there will be a very strong demand this summer led by the u.s. we got a situation where iran is probably exporting 1 million barrels a day. libya is exporting and india is not consuming you have a pretty powerful bull story for oil where you start worrying about going too far at the upside especially heading into summer, coming out of

covid, it's pretty powerful right here. >> paul, before you go, i want to check in on some of the bold pairs trades you announced on this show. we got to do it. august 25, 2020, you said sell apple, buy exxon that's nice, apple up 2% versus exxon gain 44% since then january 20, 2021, you said sell tesla buy eog. tesla is down 20%, eog is up 28%. so what's your latest paris trade, paul? >> a month ago i said by refining i was uncertain but we'll throw that in there. and i keep saying i'm going to retire but this is too good to be true. one we talked about was the famous -- the total -- we're very pro-the energy transition very pro electric cars we want it to happen, it's for the better of all of us. but the total valuation is like the internet bubble, all of this stuff is wildly over valued and

most of it is not going to deliver. in the internet bubble you saw amazon, apple, microsoft, great stocks to buy then, vast majority were a horrible story, and many like facebook and google didn't exist in that bubble, that's what we're looking at today very over valued situation with low capital and best grab bag is arkk, i think it's a short and on the other side xla or x lp so short ark and lock xlp on a three-month time frame melissa thanks for retweeting me my twitter friends must join our roll call on friday night 8:00 p.m. >> that sounds kinda dangerous, i'll think of it paul, thanks for the invitation, paul sankey. quickly, nadine, would you put that paris trade on?

>> i would not i just think you that you've seen tech pretty soft, energy, obviously it's been rallying a while, we've been owners here, but we're trimming a little bit now. does it mean in the intermediate term you can't make mon on that pair trade but not after a few down days in tech that's not the day to put that trade on i would be careful when i put it on and take it off pretty fast. >> we have earnings alert on uber, the 12 okay in after-hours lows, the company's conference called under way, let's get the details, depot. >> melissa, shares turn negative on guidance, cfo said on the earnings call that uber mobility take rate is expected to decline around 20% in q2 due to more driver incentives and he said quote delivery growth bookings year-over-year comparison will be tougher as we face significant forecasting uncertainty that's the big worry

for investors as rides recover delivery will soften as the economy reopens and people dine out again. the company warning we could start to see that later this year on the supply and balance. ceo said that rebuilding the driver base remains one of their top priorities dara khosrowshahi. we will continue to build significant supply to achieve maximum velocity as the recovery plays out. >> now remember too that uber has already ear marked $250 million for driver stimulus. also on the call biden -- they they want to find dialogue to find middle ground that's one regulatory battle

analyst talk about changing environment in spain and switzerland, uber simply said they're engaging, but a reminder the cost picture is not super c clear. >> thank you, be sure to tune into to "squawk box" with dara khosr khosrowshahi meantime, dan, it's like snap back to reality, all of the concerns investors had pre-pandemic are back with a vengeance when it comes to a business model. >> you just used the marshall matthews lyric, eminem, step back to reality, here's the deal, this stock gapped from 35 to $50 in the week we got the news about vaccine november 6, 7, 8, 9, that period post-election. what has it done since, it started to trade higher with a series of higher highs, people are getting excited about that deliveries business and the guidance they gave early in the year about the path to profitability but with the stock

below $50 right now is trading where it was after the vaccine announcements and we're seeing investors bea little more picky about money-losing companies and the valuations they're willing to pay this company is expected to do close to $16 billion in sales but net income loss $2.8 billion on a gap basis, $1.5 billion adjusted maybe we're just at a point here where the market is not far from all-time highs we're pricing in the other side of the pandemic. clearly here in the u.s. and then we're going to think about what do these comparisons look like and what does that snap back look like from that rides to uber eats back to rides is the focus here. they're still losing a lightning of money. >> -- lot of money. >> before the concern was how little money they're making off each ride and with the driver shortage sounds like they could be making less, that would also be pressure. tim, who you do you view a company like uber, especially

versus a lyft where you don't have the potential drag from the delivery side of the business. >> well, look, i like uber over lyft i'm sure i said this last night. so the fact that this conservative guy talking about the uncertainty of the consumer recovery, none of this is a surprise i will say, when a company talks about being adjust ebitda positive in the second half, it almost means nothing to me, i want to hear about truly be ebitda profitability and adjusted ebitda is something i'm used to hearing about in emerging markets in canada and places where companies struggle for profitability so i don't love that. dan's right on the chart this is not a great chart after breaking out in fact it's down sloping a hair. i think let's wait to see how this trades. but i love the invest thes into transportation as a service. i love the fact that they have built a significant amount of investment into some of the logistics in erp more

than anybody else in the space and i think that will ultimately pay off. in the longer term no question this is the one i want to own. >> coming up g m cruising higher after posting earnings paypal and fastly on the move after latest quarterly results the numbers after this with a bang, energy and change came to every part of our universe. seismic or small, it continues.

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at xfinitymobile.com/mysavings. or visit and xfinity store to learn how our switch squad makes it easy to switch and save hundreds. a news alert in the crypto world mercadolibre fi p filing $750 million on its balance sheet to join tesla and micro strategy is this meaning for merca mercadolibre. >> you look at the business they're online e-commerce and can make the claim they want to give their customers ability to transact in bitcoin and digital

currency, how much is speculation, i don't know, the year-over-year adoption was up 120%, to me, they're one of the great e commerce stories, it's a high-growth company. -commerce stories, it's a high-growth company. i've shrugged about these announcements from other companies and not terribly excited but the company had an incredible run in latin america in e-commerce. i like that. >> mcdonald fast pitched this one not long ago according to the exposure it is in the indefinite live asset part of the balance sheet, part of the treasury part of the quarter, karen, your thoughts on how they're trading it accounting wise. >> i'm guessing they don't have a choice so that's why they treat it that way. looks to be the move in the market cap after-hours on this move is far greater than the

holder themselves of bitcoin which, you know, whatever, similar to tim, i think people are a little too excited about it, i don't know if it needs to be rerated now that they own $7.8 million of bitcoin. don't really buy that. may be great for other reasons. >> shares of gm, general motors crushing the tape after estimates the car maker giving bullish outlook expecting to hit the top end despite the chip shortage analyst reiterating gm as top pick today saying the best is yet to come. nadine, is the best yet to come? >> i mean, mara bara has done a great job, gm had phenomenal numbers we still look for what's coming, what's not known, we like plays that might have two layers of discounts we look more to europe and asia, europe in particular, talked about

renault, porsche, v wrks, really like that they're reliesening the technology to others you get a double discount on the geography and strong companies overall looking at uk numbers today, huge in terms of auto sales and i think you will continue to see that throughout the year, i think you can hit the good companies and hold on to these. >> karen, what was this crab-walking thing got you all excited mid-conference call? >> yeah, i just thought you guys should know that the hummer can crab walk which i don't know a daily use that that's necessary but that's a cool thing, thinking somewhat out of the box. but i, you know, really liked what they had to say today i thought there were a few things that really stood out to me one is about how they're going to run their inventory from no on, they talked about lots being depleted of cars and used to run with a lot more inventory but

are never going back to that, that's great for free cash flow, they will have so much less tied up in inventory. they talked about software services, that being a bigger part of their business, that's really interesting this is related to auto-drive features and that's really great. i think that they were -- dhe they did a better job and got lucky managing the semiconductor issue because they didn't have as much exposure to ren assis as ford did definitely weighs on them, no question, but i think they're being conservative and they also had a great gm financial quarter as well. i do think they're being real conservative valuation isn't very expensive i like it. i owned none i wouldn't buy today, i'd wait a day or two but i like it, i think the best is yet to come. >> coming up the covid vaccine maker taking a leg lower as the

white house backs waving patent protection we'll break down the fall out. and peloton plunging, company is gearing earnings tomorrow after the bell we got your set up when "fast moy"etnsne rur some say this is my greatest challenge. governments in record debt; inflation rising, currencies falling. but i've seen centuries of this. with one companion that hedges the risks you choose and those that choose you. the physical seam of a digital world, traded with a touch. my strongest and closest asset. the gold standard, so to speak ;) people call my future uncertain. but there's one thing i am sure of...

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experience capability, crafted by lexus. the remarkable gx and lx. lease the 2021 gx 460 for $529 a month for 36 months. experience amazing, at your lexus dealer. welcome back to "fast money. vaccine makers taking a hit in the last hour of trading after the biden administration said it supports waving patent protections for covid vaccines to effectively hand over the secret recipe for those life-saving vaccines to other manufacturers to make them shares all dropping sharply from the highs of the day the news grabbed the attention

of former al lrks ergen ceo, who tweeted in response, who will make the next vaccine. he is now the chairman of vespar health care joining us now brent always great to get your perspective. >> thanks for having me. >> do you think that's the industry will read this ripping away what's the incentive to have it in the first place. >> i was being rhetorical on twitter but i think it is a slippery slope and more we erode our intellectual property more we decline as economy when talking about bill yuns of dollars why would you want to rob companies of the intellectual protections that come with it. this is about political theater. >> so what political theater is in terms of the biden administration, just wynning the

favor of the other countries of the w.h.o. if you're a conspiracy theorist you know waving the protection won't manufacturer other vaccines because there's other problems like there's no factories necessarily equip to manufacturer the vaccines there's a global limit to the materials needed to make these vaccines and other limitations, is that part of the theater you're talking about >> it is i think waving intellectual property rights -- you don't snap your fingernd have a plan the that produced mrna vaccines, you know as you said there's not an artificial supply constraint today, it's about high-quality manufacturing to gmp standards, it's about raw material supply and finish in a sterile environment. there's a lot of technically

complex things here that are not going to be solved just by waving intellectual property the u.s. government wanted to assist in providing these vaccines to poorer countries they should have helped to invest in manufacturing here in the united states, created jobs here in the united states and we could have supplied those vaccines at profit or nonprofit or for free. >> brent, it's karen, i appreciate your thoughts let me just ask you so moderna was supported by the government in their efforts and pfizer wasn't yet both seem to be hurt by this. is there any fix you can think of that would work politically, but still allow them to certainly at least pfizer anyway to benefit >> well, i think -- i think -- look, i haven't spoken to either ceo but i think most in this industry in biopharmaceutical industry want to do the right thing and want to help people in

poor countries get the vaccine they want to help all people get the vaccine. i think the reality is this is not the way to do that the u.s. government wanted to do that, if the biden administration wanted to do that, there are more practical ways that would actually lead to people getting shots in the arm and that's really by supporting manufacturing capacity and supply constraints not by waving intellectual property which is the life blood of innovation in the biopharmaceutical industry so to me this feels like a quick win and potentially long-term damage not actually solving a problem. >> big pharma gained a lot of points during the pandemic in terms of stepping up and researching and miraculously finding different vaccines to help this problem. does it risk losing that political capital if it says, hey, this is not fair >> well, i think what's interesting is a good source at both pharma and

biowere trying to work with the administration to provide these vaccines to coordinations at cost and many are already doing these at cost as a nonprofit activity for poor countries i think there's a lot of different ways to come at this but eroding intellectual property or forcibly taking it, after companies have done amazing work to bring this technology to the world is a real shot in the arnl, -- arm, not to use that pun. but if you really step back and think about what they're doing here they're really weakening the intellectual property system of our country and they're setting a precedent that i think is the beginning of a very slip ery slope, particularly in a economy that wants to be knowledge-based economy, intellectual property rights are so important. so there's dozens of other ways to help the poor nations get the

vaccines this is one in my humble opinion will not cause one to get a vaccine but will only hurt our country and its intellectual property protections. >> right. >> so it seems like its just a mis-guided approach to trying to solve this when there's so many other ways to do it. and remember, you know, six months ago there were 30 different vaccines in development. how many actually made it? it's a very high-risk business we only have two, now three approved in the united states. >> right. >> and there were 30 trying. so it just shows you how risky this -- this endeavor is and why intellectual property has to be part of the foundation plus, once you giveaway this technology it's gone forever it's not just for vaccines but for everything else this technology can be applied for. >> sure. >> i think just handing it over to the rest of the world is, again, a very slippery slope for our country. >> y brent, thanks so much for

your insight brent saunders. >> thank you. >> it's a good point, it's slippery slope not just for farm ah but other industries developing other products in times of need, those products might be needed under other circumstances. tim, it's interesting because moderna had the -- it has the most expose exposure with the least diversified business but less reliant on the mrna for other vaccines it has in its pipeline. >> you brought up the issue playing the stocks because you're buying the weakness in pfizer for sure because mega cap tech and pfizer this was not a boom to their share prices, yes, pfizer had a good run, and i know we've been talking about to hit to big pharma in last couple weeks in merck and others, but really moderna is the one that

ri showed it was a breakthrough to build on with this technology and everything about the evolution from here, the booster shots, so for investors i don't think you buy the weakness i couldn't agree more with brent in the sentiment there's plenty of ways as a country we can be leaders in the world, helping countries that need our help, without giving away our competitive advantages but our technology that's been earned here. so it's an emotional issue i actually think he was very conservative ative in his criticism. i think this is something that would be a disaster. >> it seems like a slap in the face to companies that devoted so much in both human resources as well as just money to develop these vaccines which is enabling us to reopen the economy in the united states and around the world. karen, a real slap in the face here, and the implications are just -- i mean, they're deep, in terms of taking away intellectual property.

>> they are deep and i think his suggestion of having them deliver them at cost or less than cost makes so much more sense, then we don't even know it will work, if you give them the technology and say okay you have this crisis right now go manufacturer vaccines right away that doesn't really make sense to me. but -- and i think we do need to protect that i do think ha it the pfizers and modernas are trying to do the right thing j&j also but we can do both, we can give it to other countries at cost, for free even. >> yep coming up, we're keeping an eye on paypal and fastly we'll tell you how to trade the results stay with us "fast money" back in two visibly diminish wrinkled skin in... crepe corrector lotion... only from gold bond.

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welcome back to "fast money. we have a double earnings alert paypal and fastly on the move after reporting results, frank standing by but we kick it off with katie rooney with a break down. >> the shift to digital payments boosting paypal with beat on the top and bottom line, the best three months in its history as a

public company paypal is upping full year guidance and total revenue and earnings stocks up 4% after-hours i spoke to their ceo who says it's not just online shop tharg seeing, he expects the move to digital to happen even in person as we all go back to normal and the economy reopens with things like qr codes and mobile pay and telling analysts on the call that a shift in consumer digital behavior will quote, remain essentially unchanged in a post-covid world" he also talked about strength in buy now, pay later product, the big affirm competitor the topic on everyone's mind, crypto they didn't put out specific numbers for bitcoin trading but did talk about central ban issued digital currencies, he says they're having quote positive conversations with regulators on that topic

paypal ceo also says he expects the company to top 400 million users by the end of this year. melissa, back to you. >> katie rooney. nadine your take >> they had 21% active account growth in total payment volume of $285 billion, the expectation was 265. coming into the print we were looking at 6 to 1 upside with the implied volatility premium at 24% we like those types of odds. my colleague is on the call, what we're looking for is the update on crypto, central bank digital currencies, monetization on products and venmo and emermging markets. they're doing the asian fin tech play book, we love it. they're going to be cross selling financial services this is one to own for a while. >> fastly, now, frank what's the latest >> hey there, melissa.

shares down, fastly falling fast after a profit loss ownle a penny more than estimates. some may be selling on the news, the cloud computing company cfo is stepping down after five-years, will stay on until replacement is found also fastly guidance -- top and bottom of the range in the middle of estimates. mixed results too. revenue increased by 35% average enterprise customer spend up sequentially. however net retention rate down sequentially ceo saying in part we're observing many of the trends last year appear to have become permanent even as the world beginning to reopen. clearly a lot to digest including fastly still up 170% from its pandemic low. melissa, back over to you. >> alright, frank, thank you it's always peculiar when a

company takes down current quarter guidance and raises the full--year guidance, cfo stepping down never a good thing, dan what do you think. >> these stories are interesting next to each other paypal you see massive acceleration of bejavier never going away and fastly a massive full forward in a short time now you're dealing with decelerating growth, dealing with murky guidance and it's still coming into this day trading at 17 times sales so there was never going to be able to grow into that valuation. so i just, listen, we've been talking about a lot of these names, zoom, you saw peloton we'll talk about, i think a lot of the pandemic winners, so to speak, are one bad headline away from this cratering access because a lot of people have been hanging on and the stocks have been massively under performing the market in the last three to six months, a lot of these are down 30, 40, 50%

from their eye from their highs so be careful with high valuate valuation names -- >> we're going to talk about bad headline center fielding peloton shares down 14% as the company pulls its treadmills from the market we'll bru breaking ball down we'll break down the fall out when "fast money" returns. eak d when "fast money" returns.

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check out shares of uber after after-hours lows we dive more in tomorrow on "squawk box. meantime peloton under major pressure today after recalling all treadmills we will talk about the future of the stock, on "fast money" after this. today we're going to fine tune the dynamic braking system whoo, what a ride! i invested in invesco qqq a fund that invests in the innovators of the nasdaq 100 like you you don't have to be a deep learning engineer to help make the world a smarter place does this come in blue? become an agent of innovation with invesco qqq

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♪ ♪ don't get mad. look, if your wireless carrier was a guy you'd leave him tomorrow. not very flexible. not great at saving. you deserve better... xfinity mobile. now they have unlimited for just $30 a month... $30.

and they're number one in customer satisfaction. his number... delete it. i'm deleting it. so, break free from the big three. xfinity internet customers, take the savings challenge at xfinitymobile.com/mysavings. or visit and xfinity store to learn how our switch squad makes it easy to switch and save hundreds. welcome back peloton plunging after the company announced volume tear yi recalls of all of its -- volum voluntary calls of its treadmills after multiple injuries and one death apologying for not cooperating sooner peloton dropping 14.5% today seems to be a major reversal for the company. they are two separate recalls, the tread plus is for pulling things under it. the recall of the tread is because those touch screens have been known to disconnect or

completely fall off the treadmill so there's a couple manufacturing issues that need to be resolved here. >> yeah, this is sort of a big deal, obviously. the stock was down a lot there's so many things going on. it will is the reputation of the company. i think the ceo did the right thing, late, but late is better than never, for sure it is a huge distraction it is a huge use of resources, of manpower, people-power, money, which they fortunately have a balance sheet where that's not a problem i don't own the stock. i found it to be expensive this isn't cheap enough to make me think i want to jump in here. these things tend to get a little bit worse before they get better but i do think the company is doing the right thing and that they ultimately can get past this at the same time though you do have the reopen trade and are we going to see peloton's growth slow dramatically because of the reopen trade that i don't know. we have earnings tomorrow but

those will be less relevant, it's more about how will this effect the company going forward and the reopen trade so i don't owen it. >> that conference call will be critical for peloton investors tomorrow let's get to tony zhang with the "options action" on peloton. tony >> what, melissa . >> yeah, melissa, big day for peloton that news of the recall wiped out $4 billion in market cap just today it's not surprising options traded actively almost half million contracts traded almost 7 types the average options contract traded. we saw a pretty interesting trade we don't see often a put condor about 740 contracts of the june 70, 80, 90, 100 put condor traded for $3.30 credit. this is an interesting trade from the perspective this trader is betting almost half million dollars that peloton will be below 70 or above 100 by the

june expiration making a quarter million in profits if that's true but risking half a million double that if peloton stays between $80 and $90. really betting a big move on earnings tomorrow. >> interesting, tony, thanks, for more "options action" tune into the full show on friday 5:30 p.m. eastern. up next, we got your final trades ♪ ♪♪ ♪♪ ♪♪ flexshares etfs are built with advanced modeling.

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♪ your breaking news, let's get to it. kate >> melissa, we have news from the d.o.j. about the irs, essentially looking to seek records for bitcoin holders. this is according to california issue a john doe summons an investigative tool for the irs to get the identity of certain taxpayer for two companies, pay ward and kraken both san francisco-based. a quick quote from the acting assistant attorney general gathering the information summons today is an important step to ensure cryptocurrency owners are following the tax laws anyone transacting with

cryptocurrency must meet their tax obligations. so, this also has to do with people transacting with $20,000 or more worth of crypto, so. all right, back to you guys. >> yeah, particularly pertinent where bitcoin has had