would be tough to crack through soon, but i think you have to take away from that, the market's not in the throes of a desperate growth scare >> we ended essentially flat the nasdaq, about a third of a percent. thanks so much for watching. "fast money" starts right now. >> live from the nasdaq market site overlooking sometimes square, this is "fast money. tonight on fast, buckle up we are putting the pedal to the medal. three headlines. we'll break down who's winning the ev race. plus, buy the dip. tim is making the case for a beaten down name today he'll take the mound with a fast pitch. and later, scam, reckless, a raging dumpster fire just some of the words used in a scathing report on a medical technology company

the stock is down another 11%. it is in cathie wood's ark etf we start off with a big sign of strength for the consumer. retail sales posting a surprise gain in august and take a look at the action today. retail names checking out big gains. gap, macy's, nordstrom and more ending the day in green and there's just 100 days left to go until christmas. so with this countdown on, i'm counting down, should you be betting on retail going into the holiday season i'll get guy absorb this and go to jeff mills. what do you think? >> wow, i get to go before guy i'm honored. i think it's generally good news we've been wanting to position more cyclicly here the number much better than expected i think bears could point to certain elements of the number that maybe weren't as good as the headline might suggest through a shifting of sales back to online, away from services.

but again, you see a shifting of the direction of spending, but the demand is still there. overall, i think that's very good news. i think consumers still have excess savings i think they're in a good position the labor market continues to heal that points to solid fundamentals for a lot of these companies going into the holiday season i think generally, been saying it for a while, if you're positioning for this growth scare narrative that i think is still going on, i think you're probably too late at this point. you've seen copper correct you've seen oil correct. you've seen yields go down then come back up so i think you still want to be in this value cyclical area of the market, but be careful because i think as we head into next year, you want to be in quality names. i think these high beta names that sort of popped off the bottom probably not the best place to be. i think about the targets, the nikes of the world high free cash flow yields those are the companies i want to target right now. >> those are the companies that have a very strong online

presence the shift almost doesn't make a difference for a lot of these names jeff mentioned a lot of the ones we showed on the screen that have really improved their online service during the pandemic so even if there's a shift back indoors for any reason, they're there. >> well, the question is santa claus already come to town i think for a bunch of these companies, yes, i did do that. whether it's macy's or nordstrom or gap, these are companies that needed to heal and were in the land of misfit toys. yeah, i did that, too. what they've done over the last 12 to 15 months through covid, but turnarounds that were accelerated by covid, they moved to a more digital presence they were able to restructure leases and terrible real estate positioning. they were able to get their inventory dynamics down and find a place where there was loyalty and the incremental dollar was coming from digital. you have macy's today, they upped their third quarter guide so what they delivered after the

second quarter numbers and you see a number of houses on the street follow through with upgrades back to then a target or costco or walmart target, what they've been able to do in the last 12 to 20 months has been all about the curb side pick up. recurring sales. higher ticket sales. and with walmart, it's about mer chan merchandise and where they're hoping to move more out of food and the commodities and big box dominance sales they've had so far. i love walmart here. i think target has been a beast. it slowed recently and costco's at the top of its game so i think those are the places that i feel most comfortable going into year end whereas i think a lot of the specialty retail has had such a strong run that i think we priced in a lot. >> i mean, what happened today also, nadine, home builders are very strong so you have that aspect as well in what stocks do you think

santa claus has not yet come to town what stock isn't pricing in the strength >> well, mel, i'd agree with jeff and tim in fact, tim even hinted at one of my names here i call them the two bs brands and beasts. do you want brands like nike, lululemon? they should continue with strength then you've got the beasts people who can control their supply chains better heard about costco, target, walmart. they're going to be able to control some of that pricing pressure and delivery of actual goods. if you don't have the goods on your shelf, you can't sell it. >> guy i deviated from tradition by not going to you first because i was hoping the others would deliver a myriad of christmas analogies, metaphors, et cetera, that would drive you nuts so here we are what's your thoughts on retail here and the 100 days until christmas? >> you were successful you were so successful, i mean, you let me fester for you to

adam's family fans out there in this six minutes of just hearing mistletoe and the grinch it makes me crazy. it's like 90 degrees outside i don't want to hear about the holiday season until at least november that being said, let's look at some of these trades at work i've learned three things. how long have you been doing this show now? about 15 years i've learned a myriad of things. do not file a land warrant there are no meaningful baseball games in flushing in the month of cement. september. and never bet against the u.s. consumer ever. how do you play it well, the logical place is the retailers they mentioned, but i'll say american express. now i know you're going to say leverage travel, you are correct. but i think that's in the price right now. the stock has sold off on the 179 high got an upgrade today from bank of america from underperform to neutral. just a matter of time before

they go to a buy 16 times is cheap. i think you buy american express into this ho, ho, ho holiday season >> like what you did there guy brings up an interesting notion that is the competition that retail has in terms of where consumers spend their money when they've been locked down for so long and travel sort of came and went over the summer fizzled because of the delta variant, but could we see travel in other sort of entertainment be competition for retailers >> you know, i think that there's been a major itch scratched and while you know, guy sees he miser, i see snow miser. i think you've got folks that are going to settle into the holiday season and be spending, spending, spending while i think you've priced in a lot, i think the numbers this holiday season are going to set records because of some of the

dynamics jeff talked about in terms of where the consumer is where they are, where they have jobs and where they've been handed free money for the last two years. i guess my view is that you want to stay with the retailers that also have the ability to, and nadine referred to this, get the advantage of price inflation remember, cpi is ultimately and what can be passed on, especially in the form of food, inflation and what not, is very good for retailers it's very good for walmart so you know, i'm not as concerned at the reopening trade or hospitality or experiential things that are going to distract from the consumer buying stuff and i think this is one last hue ra before they hunker down be careful about earnings. >> not to be grinchy, but i'll be grinchy, how about supply chain disruption this would be sales denied presumably you're not going to say to your kid, sorry, it's on a container

ship in china. i'll get you your present in a month. you're going the buy something else >> no doubt about it that continues to be an overhang to this entire story, but i do think relative to the demand, the supply will at least be there enough so these companies can meet the targets they've set forth. if not beat them so it's clearly an issue, but i think you have this wall of worry kind of across the market, honestly whether you're talking about the fed or the policy that's going to come down in washington, whatever the case may be so you have this narrative that yes, there are tail winds, but but all these things and i understand that and people are sort of bracing for more volatility and you've seen some of these retail names trade sideways or come back a little bit. i think in anticipation of some of that. so i think it's just as likely that these names climb that wall of worry and continue to perform pretty well into the end of the year >> we haven't mentioned the fed. jay powell the possibility that he can

announce taper, guy. is he going to be the grinch here when it comes to the markets? >> well, you know in my opinion, he's been the grinch since october 2018, but that's another story. you know, i'm just going to pause at this. not sure how to spell it what were we talking about last week, that rosengren and kaplan, didn't they announce they were going to get out of their holdings it would be really interesting if that announcement, if it somehow delays and stay with me on this one, delays any taper talk because think about people like me in a week or two weeks from now when the fed announces a taper, what's the first thing i'm going to say see, they got out of their positions right before the announcement so they have to be very aware of that with all that said, they're way behind probably five years behind is he going to be the grinch there are many i don't think he'll be one of them >> our next guest says despite signs of strength, investors are still betting on a big break for

the market mandy, great to see you. >> great to be on the show >> what are you seeing in the derivatives market that makes you believe this >> so, i would say you guys mentioned the wall of worry, that's exactly what we're seeing in the options market. so what stands out to us that even though we've had, what i would characterize as a relatively minor pullback and even though levels of volatility are still contained, other metrics are extreme and in particular, the one we look at closely is called skew the relative demand for downside puts versus upside calls when that measure is at a high, which it is today, what it tells you is that people were pricing in a lot of downside risk, getting very bearish, putting a lot of hedges and not buying a lot of upside calls. so not only are markets pricing in a lot of downside risk, but also very pessimistic about a further upside potential

the upside calls are trading very, very cheap relative to downside puts. >> so where are the greatest opportunities in terms of buying calls or making bullish bets in the market in certain sectors, mandy? >> sure. if you look at where that bullish sentiment has really diminished over the past few months, it's really come from the cyclical sectors just to throw some spac out there, back in april of this year, about half the stock in the energy sector were trading with what we call inverted call screw skew 50% of the stocks in april were trading with this characteristic today, it's 0% if you look at comp services or more defensive sectors, that bullish sentiment, it's come down a little bit, but it's still very prevalent so i would say in terms of where expectations have gotten really taken down, where we're seeing the most pessimism is mostly in the cyclical sectors and we

think it's overdone at this point. so on a risk reward basis, we like looking at upside calls particularly in energy, industrials, and financials. really cyclical sectors to play a rally into your end. >> i think what you're also saying is the other side of that and we've been all week talking about measuring where the waiting o f the market is overall and the dominance of megacap tech essentially that's where people have been hiding out and that means markets move higher. do you believe headline indices can run into some pressure because it sounds like the trade you're talking about is the cyclicality that's seen the negative head wind and that the other side of that is that megacap tech is something that maybe vulnerable if people are actually accelerating their risk >> sure. so we could see a rotation out of the megacap tech into the more cyclical sectors. i do think kind of in an environment where cyclicals do

well, i think tech would hang in there. so i think on an absolute basis, i think the sector still does well, but on a relative basis, it's going to underperform that's what we saw at the first part of the year tech did okay, it was just underperforming the cyclical sector >> you said taper is not going to be a volatility event it's going to be a snoozer >> maybe a little contrarian take here, but i think we look at historically what's been a catalyst for volatility, what's been a negative catalyst of the market it's not taper, monetary tightening itself. it's when it's a surprise. so if you look for example in 2013, the last time the fed tapered, the selloff came in may of that year that was the first time bernanke talked about tapering. it caught investors off guard. that's when we had a spike in the vix, bond market volatility, but by the time the fed actually got around to tapering in december of that year, stocks were higher. bond yields were high.

bonds sold off but stocks did well volatility actually came in after the fed started tapering or announced taper so my point here is that once it's well anticipated by investors, once it's kind of priced in, it's unlikely to be a catalyst, volatility catalyst. >> great to speak with you thanks for your time >> thank you >> nadine, where do you stand on this sort of contrarian notion >> i agree i think that sure, you could see a couple of days of volatility around these events, but tapering can be a non-event if you're looking at the stock market but instead, we look at options as you know and we see the same call it put or downside protection being layered on. implied volatility preem miums. so the protection people are getting more expensive there has to be a catalyst for that to unwind for people to take off the

protection and start buying into the cyclicals, but the asemitri is in the places she said. the only one i would add is the u.s. dollars one of the most juicy. you could see the etf declining from here. so you could actually short that or buy put protection on it and probably make a little bit more asymmetric money on it >> guy, if we do see a bid for the cyclical sectors like the financials for instance, are the overall markets going to have a rough go of it >> it's interesting you mentioned it we talked about that last night. yes is the short answer because if cyclicals if the banks do well, i would imagine it's because rates are going higher while the banks are important, they're not nearly big enough to support the broader market so my suggestion or my premise would be banks going higher would be mean rates are going higher which would mean the stocks really drag this higher the high growth, high valuation names are going to get whacked well done by you, mel.

you pay attention, which is the cheapest thing you can do. >> and tim has raised his hand so i shall call on timothy >> i feel like we need to tie this up with again a reference back to christmas shows and what not. it sounded like mandy thinks tapering and the fear of that is much like the abominable snow man. once hermie fixed that tooth, he was a nice guy he was a non-event i feel like we have some abominable snowmen in our future coming up, a raging dumpster fire we don't know, you might have exposure to it it's in the ark innovation etf we'll hear from the man behind this report and what he calls a scam and the fast pitch the name he says is a total home run investment and stick around for a bonus

hour of "fasmoy.t ne tweet us and we might just answer you right on the air. stay tuned this is wealth. ♪ ♪ this is worth. that takes wealth. but this is worth. and that - that's actually worth more than you think. don't open that. wealth is important, and we can help you build it. but it's what you do with it, that makes life worth living. principal. for all it's worth.

first up, lucid motors

zipping higher receiving a range rating of 520 miles on a single charge that tops its competitors by more than 100 miles. meanwhile, ford submitted its name in the space as it begins preproduction of its lightning truck at its michigan plant. that model set to go on sale next spring. and bringing up the rear, general motors recommending chevy bolt owners park at least 50 feet away from other vehicles that's a warning tied to its battery recalls. that's a five-story build or so. seven and a half guy adamis. they don't comment about what happens to the driver inside they're just saying park far away from the other drivers. guy, what do you think here? who's winning the ev race? >> well, i don't know who's winning, but i'll tell you what stock might be poised to win i think it's ford. we've talked about jim farley a number of times and if you look at this chart, this down trend

from june has been broken, i think. they're going to earn 1.90 a share, put a ten multiple on it, you have a $19 stock gm is as well. but your point about a five-story building, i ain't parking my car five stories away think about where we live. nobody has 50 feet to park anything away. it's crazy it's madness i think it should trade higher i think 19 is a target >> i guess you can if you're living on a prairie or something. jeff mills, in the mix of this conversation is the notion that tesla's not the only game in town ford's not rivian, this massive ipo is on the horizon, partly backed by ford as well as amazon there are other ways to play this space >> there are i think that's been the knock against tesla for a little why that this competition was coming and now i think you're starting to see it. so i've been wrong on tesla for

a long time, but i do think that's a potential headwind of further price appreciation there. the gm story is a little ridiculous, but i think they have a big opportunity here. we've talked about gm for a long time their $35 billion spending commitment over the next five years. they're putting their money where their mouth is and i think at eight times, it's probably too cheap right here and just to go back to tesla for a second. obviously gm is not tesla and tesla has a head start and advantage in all kinds of areas, but when you're talking about a stock like gm, $80 billion market value versus a stock like tesla at a $400 billion market value, that gap is probably going to close so after the gm selloff, i still want to own it here. >> tim >> the chevy bolt is nowhere on the radar screen of gm's forward looking em and lithium battery and their technology and analysis it's meaningless

it's a cash cost here and clearly for a company that's been focused on free cash flow and running a very efficient business and being profitable, that's disappointing look, i think the chevy bolt is an inferior product and it's not what gm's hanging their head on and where the technology for the future is. i think gm's talked about the commitment they've made and the amount of money they've put on it i think ford's news today is when they continue to pepper the headlines where they're combining the concept of ev and investment with the most certainly profitable car in north america and one of the most if not the most popular car in north america those are great headlines. that's a company that obviously is moving in the right direction, but i know you'd expect me to say this about the bolt so i'm not listening to that doesn't really mean a lot to me. >> just getting started here here's what's coming up next >> batter up jim is throwing some heat on a name he says is a total home run

investment that fast pitch is next. plus, the short seller behind a scathing report that sent berkeley lights sinking. joins nt.usex we've got that and a lot more we've got that and a lot more when "fast money" returns. (laughs) amazing! see it. want it. ten-x it. we now find that 85% of individual investors are interested in sustainable investing. among millennials, the interest is even stronger. ♪♪ one of the big trends in sustainable investing is data, and the ability to understand how sustainable your investments are. by taking that information into account, investors can make better decisions for the long term. sustainability is not about one number. it's about variables like water usage, data privacy, consumer trust, diversity, land use and conservation.

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this mining stock was the worst performer in the s&p 500 today. down more than 6%. tim said buy the pullback. tim, take it away. >> yeah, we're talking about freeport bad day today. down 25% from the highs. look, we've been talking about this story and i want to remind folks there's three reasons why this company is very different and better positioned than it was in the go go days of 2005

through 2008 when the resources this company in 2007, its best year of free cash flow, earned 4.7 billion. in 2007, had about 3 billion in capex needs. that was about a $3.90 copper price. what this company's going to do this year, if you listen to jpmorgan, they're going to do 5.7. next year, they're going to do 7 billion in free cash flow. so almost a 20% free cash flow yield. this is a company that is a free cash flow machine and has a c suite that's insented along those lines. the second story is the story around the macro, which is that copper prices are moving higher. copper's off the highs, but it's averaged close to four bucks a pound this year and analysts are way behind in terms of where their copper assumptions are in companies like freeport mac.

the reality is the infrastructure bill out, ev, we just talked about this is copper, copper heavy and i think copper supply and demand very much in favor of copper prices moving higher. finally, the gold and copper ramping out of this company, their operations are about as good as they've been they're increasing production levels so this is a company that if you look at it on next year, ev ebitda, it's trading less than four times and i know you buy commodity companies, i say this all the time when they're cheap. buy them when they've gouf f giving you a 20% free cash flow. it's not growing freeport to me is a better run company and never generated more free cash flow >> nadine? >> tim, i agree with you, but one of the things i'm trying to get my arms around is this i'd like to hear your thoughts on how you incorporate it into your analysis. we agree that the macro is so

important so if you have say, china, selling some of their copper reserves or a lot of news that cyclicals won't be as strong because growth is decelerating, how do you incorporate that versus saying copper prices are high we need the money flows going into these material stocks, which might be more of a factor issue than a pricing of copper issue. how do you deal with that? >> yeah, i think these are trades not investments for most people if you look at the waitings of the resource stocks in the indices, they've been inconsequential for years. so you can get frustrated here that's why i think investors that are patient here and go to sp sleep with a balance sheet that's as good as it's been for a long time. back to the copper price assumptions, it's priced in most of these models around 350, 340. jpmorgan is below four bucks a pound. you don't need to be at 430 a pound. which is where i think we're going to see the kind of free

cash flow generation i think the multiples we're talking about, nobody's saying copper has to hold these levels even though i think it will. >> it is time to vote. are you buying tim's fast pitch on sdx jeff mills, what do you say? >> so, i alluded to this earlier, but this is a market where you want to avoid value traps. so quality, quality, quality tim said it multiple times high, free cash flow yield those are the kind of companies you want to own in value i think this is one of them. so i would be a buyer and this is not a white board, kevin. this is the back of a white envelope i'm sorry. >> kevin, our executive producer nadine, what do you say? >> i do have my white board. there's my copper. so i would by freeport here. i think you could get it at 33.60 would be preferable. that's the low end of our trading range, but it should

appreciate over time especially if cyclicals pop up >> guy, i don't know if you have a return monitor there, but actually, nadine said see you. which i give her extra credit for. nicely done there, nadine. >> guy, what do you say? >> well done what do i call it when people blow up your phone >> blowing up your phone >> oh, blowing up your phone can you read the smart board for me please if you may >> melms, what is up with hashtag smooth hair? looks good to me >> apparently, tim's got some hair thing going on. literally, my phone is, it's the craziest thing >> what's going on >> i'm sure his hair looks spectacular. it's hard for me to say. don't have a return to mel's point. but what i will say is tim is spot on with this one. it's bounced off 32 a couple of times. some of the energy exposure has been on this name. if you look at alcoa, u.s. steel, some of its peers, those

stocks are breaking out. fcx does as well downgraded recently. well job, good job by tim. hair not with standing >> i don't know if it was a pitch or the hair, but you got three votes. it is now your turn out there. are you buying tim's fast pitch? you just like his hair tonight we'll reveal the results later in the show. coming up, shares of chip o and beyond meat. and next, the man behind the report why he's calling the stock a publicly traded scam and how they're firing back. the details when "fast money" the details when "fast money" returns. while he's tapping into his passion, the u.s. bank mobile app can help you tap your way to your savings goals. without missing a beat. so, you can feed his passion.

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welcome back check out shares of berkeley lights plunging today, adding to yesterday's 19% drop this after activist short-selling firm published a scathing note on the company calling it a publicly traded scam and a quote unquote raging dumpster fire with a defective flag ship project and no ability to survive

the 40th largest holding in cathie woods ark innovation etf. great to have you back with us >> great to be back, melissa thank you. >> sounds like a lot of this report is based on interviews with former employees. can you tell me, how do we know these employees aren't disgruntled and that they have the latest information with the company if they no longer work there? >> so the report is partly based on employees, but actually part of the report as we talked to 14 of berkeley lights largest customers, they sell a lavatory instrument that's used for screening cells. the use case is drug development. so you know, the most important thing to verify as part of the research was what do customers think of the product so we talked to seven employees, 14 customers we talked to bristol myers

we talked to teqeda, novartis. the feedback from all 14 customers was extremely negative they told us the products were just overpriced to begin with. the shocking $2 million. the product basically doesn't work it doesn't do what it reports to do and in many case, they just moth balled it. they don't even use it after spending $2 million. and that was actually confirmed by the former -- we talked to. we're careful to screen the former employees we speak with occasionally, you can have employees that are disgruntled but we talked to executives. we verified information by talking to many different ex-employees and you know, in this case, the information was very consistent from employee to employee from customer to customer. so we're very confident that the findings with correct. >> but what strikes me is you've talked to all these major

customers. you're basically saying that some of the largest pharma and bio tech companies out there got fleeced by this company. they got taken they paid for a product that doesn't work they got lots of money and there's no recourse. they haven't heard anything about it they haven't gone back saying they want a refund bought it, doesn't work, stick it in the closet and move on >> that's exactly what happened. you have to understand how these large firms work you have a company with $100 billion market cap a budget you have a company with you know, prominent venture capitalists. people get dazzled by the promise of a new technology and you know, if you think a product can help you develop a drug that can drive $10 billion in sales, what do you care if you spend $2 million? you buy a machine. some executive got in and the scientists and users realize it doesn't do what it's supposed to do and you know, some of the interesting feedback we got,

what was exactly that kind of a dynamic. somebody high level in a company got seduced by the promise and technology of the people that have to use it they resist using it >> hey, kir, it's guy. >> thank you i was just going to say, some cases there are customers we've heard who did return the product. and one of the questions we actually asked all 14 of those we interviewed would you send the product back if you could and the number of said they would. they just didn't bother because they didn't think they'd get the money back >> it's interesting and i'm not looking to necessarily comment, but btig apparently spoke to gruntled customers there's such a thing, as you know they reiterated a $65 price target can you sort of speak to that because it clearly flies in the face of some of the things you're saying. it's just interesting that on the same day, they make pretty

much the opposite comments >> i haven't seen the report so i don't know which customers they talked to i don't know if they're large or small customers. if you look at the customer testimonials page on website, it's a huge red flag because they only use four customers two of those look like they're too small to even be able to afford a $2 million product. we think they got the product for free of those four, only one is a pharmaceutical company where are the customer testimonials from pfizer, novartis, bristol myers squib. why aren't they on the customer testimonials page. we talked to a very comprehensive set of customers there's always some user in some company. you know, you may have, you know, some sort of positive experience with a technology there are some one off use cases

where people, they pay $2 million for a machine to try to get some use out of this some sort of experiment they can run. but let's just step back for a moment let me make one very important high level observation about this company if you're in the stock, there's basically one question you need to be asking yourself. you know, this is a company that trades at 20 times sales it's valued like a growth stock. yesterday morning before we published our report, it was trading 27 times sales basically flat over the last two years yet it has a growth stock multiple they started selling this product in 2016. they placed 92 of the systems, 92 over five years, they say they have a $22 billion tim the elephant in the room is 22 bil billion. it's a game changing technology. why do you only have 92 machines in the field. >> kir, interesting point there.

some might say pandemic had something to do with that. here's my last question and what position do you have in this stock in how are you positioned and have you covered any of that position since the stock started falling yesterday when you published the report >> there are a number of ways we express bearish views. we shorted the stock sometimes we try to buy puts we don't comment on day-to-day trading activities, but you know what i will say is this is a core, long-term holding for us this is a very high conviction short. it's a large position. you know, when i was on a few months ago, we talked about the landscape. you know, it's still short for us so we don't publish research and don't put our name behind an idea unless it's something that we think is really convincing and unless we plan to be in it for a while. >> all right great to speak with you. thanks for your time >> thank you very having me. >> we did just receive a statement in response to this

report from berkeley lights. they tell us we have strong and continued confidence in our business, technology, customer relationships and the value we deliver. the berkeley lights technology enables our customers to find a biology that cures disease the report from scorpian, a self-proclaimed short seller, contains highly misleading statements, groundless claims and a clear lack of industry understanding. it is important to note that scorpian never reached out to us prior to the publication of the report we believe the sole purpose of the report was to serve the short seller's interest at the expense of shareholders. berkeley lights is well positioned to drive customer success and execute our business strategy obviously, the report, whether or not it's true, the report has had an impact on the stock, tim. we've run into this situation time and time. kir had mentioned he was on the show talking about quantum

scape. flashy headline. huge dive in the stock >> short sellers are controversial. it's also the hardest thing to do i'll let his reporting and the company's statement and assertions in the facts let that play out one of the things that's interesting about the assertion to the downside, i think he used the word, bc pump, and that the community of folks that have been investing in this and that this is also symptomatic of broader investing out of clubiness and the spac world part of this, i think, is just the dieynamic of where there's lot of froth and group investing that sometimes self-fulfilling and i think that element of criticism is interesting coming up, a big food call beyond meat burns out today. first, cnbc is celebrating

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welcome back beyond meat saying it's all -- while cuts its price target to 95 bucks to 120 and going to an underweight to a neutral so, want to take a bite out of this one >> i'll give it a shot here. this is a stock i haven't liked for quite some time. i think the chart is still

looking kind of rough here it's pretty important that it holds that $100 level. if it doesn't, i think there's significant downside i think generally speaking, it's part of that high growth story that i really don't like right now. i think those companies are going to open as rates start to drift higher and i still question the addressable market here the fact that dietary preferences are going to shift enough to actually justify the current valuation of the stock you've seen some compression in margins lately it's still one that i'm going to stay away from >> nadine, how about you >> i agree with jeff but i wouldn't short it. the problem is high short interest, a lot of this people already know talking about it, pepsi just came out and said they're going to have plant-based snacks so there's just a will lot of headlines out there already. so this is one of those that's like, yeah, there could be

downsize >> most stocks are plant-based now unless you're talking about turkey so much to chew on there check out shares of amc, the stock giving up gains. check out this tweet from the company's ceo who wrote crypto currency enthusiasts, will accept bitcoin by year 2021. when we do, we also expect we similarly will accept ethereum coming up next hour, i spoke with adam aaron. he tell ms me another way the company's trying to cash in on the crypto craze he's never talked about this before up next, merck falling in today's session. we've got the details next and there's still time to vote in our "fast money" poll. are you buying tim's fast pitch? vote in our twitter poll

the results are in right after this [music stops] and release. [deep exhale] [fast upbeat music resumes] [music stops]

welcome back to "fast money. check our shares of merck ticking lower. one just made a huge change to their position in that

healthcare name. hey, mike. >> hi there. so we saw well over two times the average daily options in merck and calls significantly outpaced puts. that unusual activity was related to a single trade. specifically, we saw 15,000 december 75 strike calls trade those traded for a little over a dollar 46. we also saw 15,000 of the 82.5 strike calls for slightly under 50 cents and we saw 10,000 of the 65 strike puts trade now, what was going on here. so the 82.5 strike calls from december actually traded huge blocks back on august 30th i think what's going on, we've seen a $6 per share decline in the stock price since that took place. i believe this trader's actually rolling that call strike down. they're now long the 75s and since a lot of institutional holders of stock will sometimes boost their upside exposure by owning calls, i think they might

also be hedging a very large equity position with those 65 strike puts, essentially converting the long stock into calls. this demonstrates continued commitment to merck on the long side for somebody who i believe was a substantial holder of the stock. >> thanks for that we'll see you at the top of the hour for our bonus hour of "fast money. for more options action, 5:30 eastern time is the time of the show find out if you're buying tim's fast pitch the results are in take a look at that. more than 59% of voters said yes. so it is a home run if we were allowed to play tony braxton, might play it. time for the final, or actually let's go around the horn tim, the winner of this, what do you say? final trade. >> first of all, tony is a huge fa fan of the show. i'm going to dance with the one that brung us.

freeport stay there >> nadine. >> awy strategy. if you can pick it up 20, it's quite the buy. >> jeff. >> penn national gaming. it's 40% off the ties,now trading at 25 times. with china hitting the big casinos, penn with 100% revenue exposure, i think it's a good entry point. >> guy >> mel, if i'm going to spend 20 minutes in the can, it's because of cmg not bynd >> thanks for watchi ft.ngas don't go anywhere. bonus hour of "fast money" bonus hour of "fast money" coming up.e. that's why td ameritrade designed a first-of-its-kind, personalized education center. oh. their award-winning content is tailored to fit your investing goals and interests. it learns with you, their award-winning content so as you become smarter, so do its recommendations. so it's like my streaming service. well except now you're binge learning. see how you can become a smarter investor with a personalized education from td ameritrade. visit tdameritrade.com/learn

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hey there, "mad money" fans. i'm melissa lee. jim is off, but you're in luck we have a bonus hour of "fast money" coming your way tweet us at "fast money. we'll try to answer your live on the air. here to help tackle your burning questions. guy adami, jeff mills, and mike khouw. before we dive into those questions, let's find out what you guys out there have been buying and selling christina is tracking the action on wall street bets. christina. >> well, the number one most talked about stock right now on wall street bets is iron