to 158 now. >> sideway moves but there is a sense after the treasury options got through that there was a bit more of an upside to the yield story, also the dollar bounced today so a counter trend on both frontline. >> we're out of thyme on front >> i'm melissa lee this is "fast money" tonight's trader lineup, dan nathan, pete najarian we're all after shares on nvidia, company's call is just kicking off we'll bring you chip shortage headlines ahead plus, ford, the company on ev efforts is there gas in this trade. and gamestop roaring back to life what's driving the reddit favorite higher this time? we'll find out we start with the big bank beat

down, the nation's big bankers taking serious heat today on capitol hill, wells fargo, morgan, bank of america, kicking off two days of testimony before congress check out this exchange between senator elizabeth warren and jpmorgan ceo jamie diamond >> how much did jpmorgan collect in overdraft fee from consumers in 2020. >> your numbers are inaccurate we'll have to sit in private -- >> it's a private -- can you answer . >> it's a -- how much in fact did jpmorgan collect in overdraft fees from customers in 2020 do you know the number >> i do not know. >> i have the number $144.63

billion. >> we waive the fees for customers upon request if they were under stress under covid. >> you can fix that right now, mr. diamond will you refund $1.5 billion you took from consumers during the pandemic. >> no. >> not pretty. tim, what did you make of today's hearing? does this hearing tell us even though banks did a lot of work during the pandemic they came out with very good balance sheets out of this pandemic, out of this great recession that they still got targets on their backs >> well, that's the important question, the target on the back that maybe came off in the trump administration and maybe it's back on. and look, it took banks, by the way, three-quarters of the way through the trump administration to really start to break out and really only going into elections strangely enough as it may have appeared as we would get a change in the white house. from november on bank of america has outperformed the s&p by 45%,

citi bank 51% from november 1st in terms of bank stocks is this an environment you don't want to the own bank stocks because you think the target is back on? i don't know without getting into deep substance about what was covered today i do think this is often great political theater for anyone that chooses to use it as a platform to do so, i do mean in washington. and so, i don't think that overdraft fees, by the way, are inherently evil. i think there's a reason and place for them in the consumer banking world and jpmorgan first record numbers weren't necessarily built off consumer banking revenues they were built off investment banking revenues. they were build off an innormous fixed income and currency trading business maybe we all pay for that in the end if banks are making so much money but it wasn't the consumer being gouged it was really

long-lost provisions rolling off of banks income statements that were very conservative and banks hunker down i know banked played a major role in 20 years in terms of the credit cycles if not the couple pretty of -- culprit of such but today doesn't take the luster of for me as investor, by the way jpmorgan two and halftimes tangible book, not cheap but the credit quality and dynamics could be things to worry with in the future right now still looks really good this didn't put me off i thought it was kind of funny. >> certainly a lot of grandstanding as these hearings typically are, no matter who is called to capitol hill or by zoom these days. jpmorgan made $130 billion in revenue last year. so $1.5 billion is a drop in the bucket, it's pocket change for jamie diamond.

that's not the point, the point, pete is that we're in a democratically-controlled government at this point, you saw the line of questioning that a lot of senators had on the banking committee today. we also seen rates and investors seem comfortable where rates are that there's not going to be a big spike, we haven't reached the march high 1.74 is this an environment you want to be a bank investor in >> i think so, mel, i've been in the banks a long time and still hold many of them, they trade inexpensively. you look at jpmorgan where it trades versus tangible book, yeah that one feels a little bit stretched but i think it's because of the quality that jpmorgan represents. when you go across and look at banking industry, i think that the folks that are at home and those that are watching the markets day in and day out have a much different view of the banks than what we're seeing as tim said political theater it is theater.

these guys just want to grandstanned in terms of everything i see where they are just sort of trying to put out a point to everybody and i don't know that we're buying it. i'm not buying it i think the banks have done an amazing job ever since obviously the financial crisis we've been watching and folcussing on the barngs -- banks and they had to show us their cash and dividends. we've gone through it where we know just about everything about every one of these banks to another point of tims i totally agree with is i don't know if i see any gouging going on i haven't witnessed or seen anything like that matter of fact, the investment side of things what they've been able to do and the execution shows me how well and fine-tuned these banks really are these days, from bank of america to citito jpmorgan to wells fargo that has stumbles once in a while but i like these banks so

much. >> so far two defenders two investors, mike khouw where do you stand. >> i'm kurpious the -- curious we saw any executive asked to come speak to congress so they can get a pat on the back. that doesn't happen. it will always be political kind of conversations like the ones we saw today and of course, you referenced the size of the fees they outlined $1.36 billion is the number she threw out it's interesting a lot of us look at financial statements i'm not sure where she got it there's a lot of numbers on big bank financial statements as you might well-imagine it's important to remember we're talking about a bank north of $3 trillion in assets, just shy of $2 trillion in deposits. that might be another way to think about what the scale of those fees are, if they were in fact accurate. they're still pretty -- pretty small. of course this is not a

situation, we shouldn't as tim alluded to, have a situation where there's no penalty for something like an overdraft. whether or not there's gouging, i don't think there was but jamie did say if someone asks for forgiveness that they were granting it. now of course they probably weren't advertisersing that as soon as you log on, otherwise the numbers would be smaller still. but it's important to remember. >> dan where do you stand at this point >> i think the guys 4s laid it out clearly what happened today was a joke, thinking about the banks going forward in the back half of 2021 tim referenced the banking sector up 27% year-to-date more than double the s&p 500. i think it's important to look at that valuation that pete and tim just mentioned on jpmorgan, obviously at very near all-time

highs, 2.5 times tangible book you can look at it and say there's a gap to be filled if we're going to continue with some of the trend that's are beneficial to these franchises i will say on the back half of the year we're likely to see massive deceleration in some of the banking activities that have driven a lot of the performance over the last year the rate situation is really interesting. mel, you just said 1.74 was the high, that morning, the low on the ten-year yield treasury yield at 1.46. here we are in the middle of the range here and i don't really see this as a tremendous impetus for rates to go much higher right now i'll just say this, we think back to 2013 and '14 when we had the so-called taper tantrum when the fed was considering tapering quantitative easing, well, the move off zer interest rate came

far off so the fed did lower funds to zero a little more than a year ago and here we are at 1.5%, maybe that's where we should be, maybe it doesn't benefit the banking sector back half of the year if we don't have tremendous pressure on rates. >> how do you think of rates and the port apps to banks - the importance to banks, with the investment banking boomed with the corporate issuance, et cetera, it happens in the first quarter, particularly, maybe a little bit over into the second quarter, but is probably not going to be replication a ated given the s.e.c. come down . >> remember, they struggled overall it was a risk environment and these have outperformed why wouldn't they get knocked down when people are running for

the door that's part of the move. yes, net interest margins, people who never followed the 2/10 spread got fluent and yes the curve is steep and dramatic off the lows of covid, as it probably should. we also said early in covid when banks were under performing we'd have these battles on the desk, always friendly battles of course, but were the banks representative of the real economy or was the market? because the banks in many cases were under-performing dramatically so again, i think the broader economic story that is been very supportive and obviously not only unlocking all of this pent up demand but truly a case for the next 6 to 9 months we have a ton of money working for the economy and it will help banks and even if we stay relatively flat on the yield curve it's a great environment >> how should we think of banks in this economy, pete, are banks

the risk on trade or are there other trades in your view better ways to play in an economy that's reopening? >> that's an interesting concept, mel, because when you look at these banks, i think -- we are looking at what everybody's talking about, the investment side of thing, because of the trading, the volume, and a lot of things, a little bit less about where the rates are, i think, anyway but it's an interesting thought. i think, going forward i look at how inexpensive i feel like they still are, even though we had that run from november until now, i'm not talking about jpmorgan, i think there's other levels of banks below that where you can find much better value and yet i think there's a nice gap that they can make up and start to catch up. maybe not get all the way up to where jpmorgan is but something very close i think there's a lot of different names out there. when you look at capital one and they got all that credit card side of things, in terms of

revenue. yes they still have that bafrpging side -- banking side that has been extraordinary. so depends are we talking about financials, banks, about a goldman sachs or morgan stanley or a jpmorgan or mank bank of america. a lot of ways to view it and those with exposure your in the banking industry have a lot of room in the upside in terms of what they will make in the next six to nine months. >> blackstone hit a new all-time high so financials are favorite broad swath so favorite financial mike khouw >> i like morgan stanley especially as long as we have asset prices at relatively high levels, they've transitioned very effectively to the asset business that ben fits the from higher asset prices. another point in terms of valuation. only since the credit crisis we

would talk about financials in terms of book value we say all else equal assuming they're in decent help if they get below one time book it is cheap but prior to the credit crisis we should remember we weren't saying they were expensive when trading at higher levels, two to three times, so jpmorgan at 2.5 times is a high level relative to its history since the credit crisis, yes, it's true for all financials in a longer history we can look at a lot of the big banks and you can see the multiples to book value often times were much higher. >> coming up, we're watching shares of nvidia, stock is down after latest report, the company's call is under way we'll bring headlines. and ford stock driving higher today. what lit the new spark in this trade. stick around "fast money" back stick around "fast money" back after thisess

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you get all of this on x1. so go on, get really into your shows. you need a breath mint. xfinity. it's a way better way to watch. welcome back to "fast money", we've got an earnings alert on nvidia, shares on the move lower by a quarter percent the company's call is under way, let's get to josh lipton with

the details. jsh? >> heading into this print nvidia up 15% in three months, 20% this year, turning to results, beats on the bottom and top, q2 guidance $6.3 billion, expectation was closer to $5.5 billion. gaming 2.76 pllds. gaming $2.76 billion data $2.5 billion. data center meeting expectations gross margins expected to improve to suggest a favorable mix in the quarter ahead why the lackluster reaction, matt's hot take the bar was high and elevated heading into this, he maintains an out perform rating on the name cfo is on the call right now and said q1 in her words was skpegsally strong gaming up 106% year-over-year and explains to remain supply

constrain into the second half gaming benefited from crypto mining but hard to determine to what extent. data center up 9% strong demand year-over-year. >> josh, thank you the line was good, the guide was good for the quarter, pete, is this your opportunity for nvidia? >> on a bit of a pull back, maybe, mel i like this name so much but i've always been april prix hencive because of but i've always been april april prix hence but their growth stands up on the delivery & now they're talking about guidance being strong. what i really like going forward would be the 4 for 1 split on a stock like this i like it

but want to trade options if i do it and that gives an opportunity at an easier level than where we are trades now. >> yeah, dan, nvidia, where do stand. >> josh laid it out, the stock is outperforming s&p and nasdaq and many of its peers. pete mentioned pe at 46 times. i point to the price to sale it trades at 17.5 times expected 2021 sales this is nearly $400 billion market cap company it's a very cyclical business. we also looked at the line items, growth in data center, game, crypto in 2017, obviously the supply constraint is keeping a cap on the guidance but it is near the prior high of couple months ago near 650 so i suspect it will remain range-bound, there's nothing in that quarter that should break it out, in my opinion, but if you like the

story and think things can heat up in the back half of the year when supply comes back on line then you probably want to buy this thing back towards those levels where it was a week or two ago. >> you mention price of sales around 17. >> yes, ma'am. >> 17. you know, intel is where, tim? like 3 so here's the ultimate would you rather, this is a value versus momo, right, intel or nvidia here >> this is a tough one glad you asked me and i didn't ask myself. >> i'm glad too. >> although i'm not as bad as grasso we all know that. the bottom line that gross margin 66.2% is moving higher and they're high margin chips in exciting growth area, i think the bar is high. i look at the rally november 6th to 18% in six sessions you are buying weakness. the stock is consolidated. the fact 106% in gaming in the

business and the integration arm, there's a lot there i mean, not someone who chases valuations often but this someone that's growing into that valuation. i like it more than i did in september, that's for sure. >> wow so you like nvidia >> yeah. >> wow >> yeah. >> and you own intel though. do you own nvidia. >> yep apples and oranges. >> you just picked the child you like better than the other kid. >> look, i have two at home. fortunately they don't watch "fast money" but they might start to wonder. >> i know. mike, it's a pleasure to have you on the panel not just "options action", so i will give you carte blanche, intel, nvidia for chip stock of your choice. >> yeah, so intel is the turnaround story there's a reason it trades at such a discount to nvidia. and nvidia is at the forefront not just in gaming or crypto,

but a lot of things, and of course when you have a business it's a little bit supply constrain that suggests the demand is there, the pricing power is there and is built into the margins and the margins demonstrate that they have what people want and need in a number of sectors that are all grow, that's why you have this high valuation we've seen this in several high flying stocks that reported in past weeks, they're getting to higher highs but it's a tough level to break from. i agree the stock didn't trade lower will struggle to get through the 648 high we saw in mid-april but there's a chance we get through that. if we do we could see substantially heyer prices -- higher prices. and since i look at options, even going into earnings it seemed the options market was anticipating a struggle a little bit. that's an opportunity for people who want to take a risk-measured

way to get long because the options got cheaper. might be a way to play it to the upside. >> all right we're just getting started on "fast money." here's what's coming up next. >> reved up investors putting the pedal to the metal on kamala harris of ford shares fofor -- shares on ford -- shares on ford that and more when "fast money find amex offers to save on the brands you love. one of the many things you can expect when you're with amex. returns. s. \ mz.

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. welcome back to "fast money. ford motoring higher once again today, handing in its best day since last year as the company doubles down on the ev efforts

hey, phil. >> at 13.90 where ford shares closed is close to going over $14 for the first time in five years, five years since they've been over $14 here's why, they outlined an ambitious strategy with electric vehicle committee $30 billion, and 40% of global sales by 2030 will be pure electric vehicles, that includes making and selling an collectic explorer as well as lincoln navigator. f-150 lightning a week after its debut it's been a red-hot success so far, in terms of reservations, the company now has 70,000 reservations, the vehicle goes on sale next spring we'll see how further those reservation numbers go the lightning, however, when we asked ceo jim farley, look, do you expect the lightning to

replace internal combustion engines of the f-150, no, ebb thinks it will be additive that's encourage if it will add to the number of f-150 series sold by ford will the company be profitable when it comes to the ev conversion, by 2023 it is targeting ebitda margin of 8%. put this into perspective, 2019 the last true comparison the etienne margin was 4.1% so they're looking to almost double that and the battery pack at $100 they believe can get it down to $80 per kilo watt hour by 2030 it is you for gm and tesla who are leading the industry to get down to $90 by then but

that's the target by 2030, speaking of gm and ford, look ago the stocks since the beginning of the year. look who is outperforming everybody else, ford, off to its best year since 2010, melissa, up now more than 60% since january 1st, melissa, back to. >> it's been a crazy run and the stock is above that $14 as we speak, pushing high er after-hours by almost 2% thank you phil as always question here, tim, we've been talking about ford for a long time. >> long time. >> and the stock is continuing to go higher, it's pushing the boundaries here, in terms of valuation it looks like it has a higher forward pe than gm, is that deserved. >> it does, well, the eave bus -- ev business, is impressive. the fleet f-150 lightning, once

they talk about price points between 40,000 to $50,000, very realistic, tesla has had trouble hitting the mark on some of these numbers. goosing up the multiples getting close to ev is the same exercise when talking about disney or netflix or walmart and e-commerce multism -- multiple we talk about great businesses that have never been run better, that's it for ford, they're running better in geographies where it makes no sense. ford $55 billion market cap. tesla $600 billion market cap. i realize, apples and oranges. tesla should be saying we're not a car company, ford is a car

company -- and if people want a pure play here that's why they are choosing ford. >> you know what's interesting about this chart i didn't realize this until looking at it this afternoon, gm hit it's all-time record-high about a month and half g. ago. ford's last all-time high was decades ago. decades ago. so what does that tell you about ford does it tell you anything about where the stock should be today? >> well, let's just take a look at it different ways, if you believe -- if you're talking about brand loyalty, obviously they have some an important thing to think about. they've focused on suv's and trucks. if you make a transition to electric vehicles this is actually a particularly strong category for the use of electric power. there's a couple reason for that for one thing, the margins are substantially higher and they have a lot more to work with

if you use 100 kilo watt batly and playing $100 to get it that's $10,000 component cost in the construction of a light-duty truck, by the way the best light-duty truck in the world, trading nine times 2022 earnings as you pointed out this company had $60 billion enterprise value ten years ago and have demonstrated that they can build a good electric vehicle with the mustang mache they have the technology and the strategic focus. they are putting more cap exinto their business, not to say you should short tesla but certainly if are you looking at the entire space you should be thinking of this company beside which when we talk about legacy automakers not being a pure auto play, tesla is not a pure auto play, what's to put a

company to put $6 billion into their business not to expend into other things like energy. to me, ford, still despite the strong rally is a no-brainer. >> our next guest is a senior auto analyst at wells fargo securities great to speak with you. >> thanks for having me on. >> you have a $15 price target and is now above $14 where do we go to full valuation of 15 or higher given where it is laid out today >> i think our valuation is based on little over three times ebitda so a low number and good for ford, i think it showed today they have a good vision for the future one of the best investor days we've seen. >> it can set out goals on battery technology but battery technology is very difficult and we've seen a lot of battery companies go at it and not do so

well, just wondering, what makes you think ford can execute on this ambitious plan. >> it's a great question if you look at the mach e it is one of the most compelling from a traditional automaker. i seen the lightning today and it's a great looking vehicle and has great capabilities, you need things in terms of to charge your home. they're showing evidence but have a long road to go i thought the day was really interesting. what people are focused on is the section about the connected car, because one of the things i worry about traditional auto companies is they are so focused on chasing the ev they are missing the connected opportunity and ford clearly showed that today, that's one of the most exciting parts for me. >> hey, colin, i have one of those mustang mach e's and like it a whole heck of a lot but right now i have an issue with

range anxiety, i take it out and get low and see a tesla charging station and i just want to stop there. what did ford talk about building out that network, if they have 40% of their cars made by the end of the decade e ev, they will really need to invest in that area >> that's some of the concerns, the feedback ford is getting they have plan for more ev charging, they're using more of the public networks and quite frankly i think most people suspect the new infrastructure bill will include money to support that expansion i think there's more to come on that >> and when you're looking at these various vehicles and obviously the lightning is the feature vehicle we're talking about primarily, how's that match up against tesla when we're talking about trucks and the rest of it, in your opinion, how do they match against one another?

are they competitors, really or what is your opinion >> i think something like the lightning it appeals much more to a commercial customer, so they're more like apples and oranges in my opinion but the mach e could take shares there's no overlap -- tesla is leadsing in ev power train technology but the reality is the mach e was ford's entry into the dedicated platform and quite impressive and close to the heels of tesla which is a great sign. >> colin, we appreciate your thoughts, dan nathan, what do you think of ford? >> listen, i think the whole "fast money" panel has been on this story for a while and i know tim and karen have owned

this stock listen, i think it's going to break out. you talk the $14 level put that tesla pixie dust valuation on this growing part of the business and you have a higher stock colin said it with his own estimates too. today i think you buy it on pull backs. the stock was just $12 few weeks ago. probably in the last month we were all recommending it as a final trade. here it is at 14, breaking out, multi-year high, continue to buy. no pull backs. >> who is the biggest loser off ford's success, tim, stock-wise? >> stock-wise, look, i think money's been allocated from gm to ford because i think gm was in front on this one, but look, i think it's tesla the folks that own tesla that have been uninterested to paying attention to fundamentals are still holding on to that dynamic. i think the really competitive landscape that was still far out

in the future is here now. again, look at the market caps look at the analyst community that actually are focused on the ev side of the auto business and i'll just leave it at that i think tesla has a lot to lose here if nothing else, it's clear, he said three times etienne, i mean, it's three times ebitda it's not even close in terms of valuation and most popular car in north america is f-150 and you're starting with that. >> that's your base, yeah, that's amazing coming up traders choice and how traders are trading them and more on gamestop when "fast more on gamestop when "fast money" returns hey, you wanna get out of here? ah ha. we've got you. during expedia travel week,

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welcome back to "fast money", time for trader's choice we lay out three big headlines and traders pick what they would trade. number one amazon closing deal to buy mgm studios and announced new ceo july 5th headline two the ichan crypto investor in a

relatively big way and headline three, exxon hedge fund engine number one waiting two seats on the energy giants'sboard in a push for new climate strategy, so, pete, your choice? >> i'll go with exxon, mel i think this is really interesting because, you know, a lot of people, they talk about it a lot on the network all day, how this say group of folks that is a little bit less familiar to wall street than most yet it seems like they're moving things in a very, very fast way in that direction. so what will that change about exxon? i think it will be very interesting to see how this whole thing can actually play out. i don't really know if i have the answers. it's why a while back i shifted away from exxon towards chevron because when they lost rex tillerson that was something i felt like there was a change going on with exxon and that's exactly what i think we're seeing here is the battle back and forth and i think it's a really intriguing story. that being said, i will still

trade the calls on exxon and think energy is moving to the upside and i like the price of oil at least in the shorter term >> mike, trader's choice which do you like? >> i think i'm going to go exxon as well. not because i don't think the amazon stories, there's been several recently, aren't interesting, but part of the thing is will move the needle the issue with exxon is does represent a tough opportunity but will be a tough row to hoe though, it's not that easy to take a carbon-based company like exxon and try to turn it around from a environmental point of view, but the people kicking the tires thinking it can be done are really trying to make it happen so i think there is potential more opportunity for some price action in the stock coming out of the exxon news than out of the amazon story. >> dan, i'm going to you on amazon what do you think of the report about amazon opening up

pharmacies. >> listen, i think there were a lot of naysayers few years ago when they bought whole foods and see what they did with that, integrating it in a bar bell approach, you seen with bricks and mortar with prime and it's been a home run. i think with the economy of scale and logistic capabilities they'll be very disruptive that's the story when amazon goes into any market they're able to be very disruptive and i will say, tim was talking about nvidia, the september high amazon has been basing for nine months or so, this is investment period, i think the new ceo will make a really big imprint with this company, to do something new and different in the first year or so that's probably going to be the thing that breaks this company or at least this stock out of the doldrums it's been in for nine months. >> coming up the reddit rebellion, back in a

big way. what is driving the new meme stocks happy birthday, dow, you don't look a day over 100. we debate that and more when we debate that and more when "fast money" returns need better sleep? try nature's bounty sleep 3 a unique tri layer supplement, you helps you fall a sleep faster and stay a sleep longer. great sleep comes naturally with sleep 3 only from nature's bounty

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. welcome back to "fast money." it's time for gamestop wall street bet jumping 16% highest level since march. mining spot dade trade mike spotted some day trading what did you see >> if volatility is what you're interested in look no further than gamestop. less than 2% of the non-penny stocks in the russell 200 h5 have applied over -- 170% right now the options market implying this stock will move 11.5% just by friday today we saw 2.7 times the average daily option volume, puts us at 350,000 contracts total. the most active were the weekly 250 strike calls trading at $14 and buyers betting the stock could finish the week well above that strike. all of the activity we were seeing was really short dated, whether call or puts, nine of

the ten were calls, they all expire on friday much of this was intraday trading, seems like reddit crowd is back in big force with this one. >> check out other favorites express. bed badge & beyond. skilz. and as you look at boards, do any interest you at this point, some of the stories have changed, for gamestop it's deeper involvement, for amc, a number of capital raises have strengthened it's balance sheet. >> come on broken company before and the fact short interest drops gamestop is only up 410% why not.

no i'm not buying it. ryan cohen had phenomenal success. maybe something will turn it around it's $17 billion company. it doesn't make money. it's in the price even if you get a turn around. no i'm not chasing amc, good for them i like the theater but it was a dieing business before. >> bet he likes the popcorn. >> i do. >> tim did not take my bait. >> did not >> the story's changing? >> no the story's not changing it's important the to understand the sales are expected to be down 47% from the peak in 2017-18, to tim's point, they do not make money they have one asset, that short interest versus their market cap. they should be selling stock to investors who want to buy stock every single day and putting it on the balance sheet one man is not going to of do that but cash could. really you will be starring at a pile of cash and they will fneed

to pivot. >> more "options action" on friday at 5:30 g ming up, celebrating a very bibirthday, one trader says the party is over. we explain when "fast money" we explain when "fast money" returns. ♪♪ ♪♪ the aflac post-pain show! aflac! what a day of upsets. ha ha. jill is certainly upset with that unexpected bill from her back surgery. aflac! let's see that one more time. ♪ ♪ (bleep) (wincing) oooh, right in the wallet! ouch!

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welcome back shares the snowflake jim will talk with creon the back of their result 6:00 p.m. "mad money." tonight we're celebrating a milestone for an old, old friend, not guy, the industry average turning 125 years old none of the twelve otriginals remain instead of likes of apple, microsoft, jpmorgan and visa maybe it's time to retire, why >> yeah. later boomer i think you got a case here where the relevancy of this index, we are respectful on this show in many different ways and in corners even when we don't believe in something but we

don't talk about the dow jones as a relevant yard stick for the market other than when talking about industrial company that's have lagged in the value place, it's not about good or bad companies rs i it's about relevancy the constitutionality of index price weighted index to me makes zero sense, the fact a stock goes up is self-fulfilling dynamic if you are waiting and tracking this or vice versa if it moves lower the relevancy of component and composure of technology, the f fact is, outside of microsoft and now crm you have 9 to 10% position waiting in tech stocks in the top 40% of the dow. makes on sense but again, price-weighted index, why, it's like your making up numbers. >> price weighted meaning the bigger the price of share in each stock the heavier the

weighting of the index if apple split ten times it would be the smallest weighting in the index though it is the biggest company. hence that's why we use the s&p 500 in large part. the more you know, right mike. >> that's right. it's silly to think of it on price weighted i think cap-weighted is the way to go and other industries trade on products like etp's so there's no need to focus on this i wouldn't mind if it retired. >> still a milestone for the dow jones industrial average jones industrial average up next final trades this is andy, my schwab financial consultant. here's andy listening to my goals and making plans. and all the ways schwab can help me invest. this is andy reminding me

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back with the final trade shall let's go around the horn, tim seymour? >> talk about jpmorgan and the valuation 16 times next year's earnings is $195 stock i think there's plenty here for best of breed bank. >> pete najarian >> you know, the reddit crowds are attacking a lot of stocks, one i like is blackberry they were aggressively buying today, i'm in those calls, they expire

in week and half. >> mike khouw? >> nvidia >> dan nathan. >> tough one with tim jpmorgan's i like it but i like selling x lrks f it's good as it gets. >> thanks for watching "fast money. "mad money" with my mission is simple, to make you money i'm here to level the playing field for all investors. there's always a bull market somewhere and i promise to help you find it. "mad money" starts now hey, i'm cramer, welcome to "mad money. welcome to cramerica other people want to make friends, i'm trying to help you make money my job is not just to entertain but educate and teach you. call me or tweet me @jcr