where you think stock's go from here >> i think it's easily going to be the biggest thing the markets are focused on this week i think they want to see that inflation is at a peak it's coming down i don't think it's going waway i think those numbers are going to be important to watch >> thank you so much talk to you again soon i'll see you back here tomorrow. fast is now. right now on fast, target warning. filled its shelves with too much stuff that consumers did not want how long until the rest of retail does the same and is this a sign consumer economy is cracking? plus, exxon on the move. climb tog a nearly eight-year high later, a new season picking up for the premier lacrosse league pll and paul will be here to break it all down.

this is "fast money" live from the market side. tim, karen, guy and dan, both jumping nearly a percent dow up nearly 260 points all three erasing losses from earlier in the session the strength coming despite a big warning from target this morning saying rising inventories will hit profitableties this quarter and that got us thinking about a couple of big questions. first, for target's inventory struggles emblematic of broader issues second, when supply chain challenges get resolved, will demand for these products still be there and finally, what will the consumer look like then? potentially a much softer market guy, where do you stand? >> the second question tim mentioned this last week microsoft warned on fx tim said based on warning on

demand, that's going to be a problem. listen, seems to be target and walmart specific if demand is the next thing to fall, you have to believe there's going to be another leg low n lower in the broader market. >> but the market's been higher and target didn't do too bad either >> target did fine market's traded fan tas ik today. we were up from 934 in the close. we opened down everybody thought this was another target walmart day incidentally, walmart had an investor day yesterday i kind of feel like walmart without the formality of a cut on eps and margin, said the same thing. we've got 3 billion in inventor we've got to do something with as we get into second and third, third and fourth quarters, we're going to push some of that back more as we can we've heard this from all these folks. i think there's a bit of a

reassessment here. for walmart and target, i still believe their consumer, especially their consumer we've talked about this, is more under pressure certain parts of the shift clearly we know is happening be the investments they've made into logistics and ecommerce are long time reasons why you want to own these stocks. i get why we're talking about the consumer every day and where demand is going, but at 14 times next year and a 20ish times even cheaper now on walmart, i think these are stocks you can own we know the consumer is going to fall under pressure at some po point. >> there was a lot to think about here for one thing, why now 17, 18 days later, what happened so dramatically that target felt like they needed to come out and give us i don't know if it was guidance, but oh, my god, we have way too much inventory. not certain when they realize that and i'm not exactly certain

about how is it that amazon, whenever they announced, right, we started to see pressure then. interestingly, amazon said, also, we're going to get rid of space. we're going to get rid of distribution space, rid of warehouses that's interesting clearly they were in a different place than target who said we need more space because we have so much stuff that we got to put it somewhere thing for the home, things that are larger furniture. >> patio furniture >> walmart cited tvs. that takes a lot hof space, but clearly, feels like margin pressure will remain for a long time until they work not just through the inventory they built this past quarter, but the inventory they're continuing to build in the hopes of, well, in the hopes of selling it, hopes for a strong back to school and holiday. it makes me think anything

related like a bed bath and beyond, anything like that would also see pressure. i'm really quite shocked target did not trade more when they ano announced three ws ago, i bought more stock, sold it today at the same price i bought it. had i known this then, i probably would not have bought more then. is it priced fairly here i think so i own a bunch. don't have high expectations you questioned why don't they just get rid of guidance >> to change it three weeks after you pulled down guidance, nobody will believe it anymore just three weeks ago they were giving guidance >> you don't get credit if you make it and you get hurt again if you miss. why have it at all just sort of play it out i think businesses shouldn't give guidance. but now they gave it they're kind of stuck. they should have taken melissa's

advice >> they didn't call me dan? >> i think if you're antennas are not up based on whether they give it or not, they did this. snap did it last month the changes that are happening are happening very quickly and i think it's really interesting that we just got through a bunch of software earnings over the last couple of months. like second tier names a lot of people felt good they were talking about demand is still there. if you look at what's going on with the consumer, credit k kicking up consumer savings going down. we know what the fed's doing we know what commodity prices are doing, inflation prices are doing. listen to them they should be giving you this guidance and the fact they're doing it so quickly after they had just guided officially is really important here so you know, as an investor who's been in the market for 25 years, these are not the things that you want to start expl explaini away when you think we might be at an inflection point and again, we're trying to unwind

this stimulus. the battle of black swan event two more expected over the next month and a half qt just started. no reason to try to get in front of this. i believe this is the tip of the iceberg as it relates to the consumer these massive companies would not be guiding this frequently if they didn't believe that something was happened that will not be corrected in one quarter. >> i'm with you on that. but the fact of the matter is the markets don't seem to care we just put up the snap, microsoft and target all within 30 days or so, they cut their guidance today, nothing hardly a reaction. >> because they priced target down 25% on a 15% earnings revision to me, target is so much of a better store post covid. the investments they made and market share they took, i don't really care. i'm not investing day-to-day

i am on certain stocks i look at walmart and target and i think there are a lot of parts of the consumer that are going to be under pressure, and significant pressure out six to nine months. those aren't the places i'm freaking o ut. >> let's play this out >> is this a game? >> you can call it what you want to call it if you want to play it like a game, it's up to you >> she calls it a mental exercise >> a game. >> say target and walmart and all the others, they cut their inventories by slashing prices they've got huge deals going on. you buy tvs, patio furniture got your deck decked out six months from now, what state is the consumer in and what did they just spend on that inventory that just hit the market >> the retailers are effectively doing the feds job for them in terms of fighting inflation. so that's a good thing we'll talk about energy in a second where's the consumer

to dan's point, not in great shape. credit card debt approaching $1 trillion with a t. that's pretty interesting and consumer savings is now levels we haven't seen i want to say in 13 or 14 years on the wrong side of the ledger. so never underestimate that consumers want to spend. i've said that for years, but you have to question their ability to spend to your point, six months from now under those guideline, i don't think we're in a good spot at all >> we talked about the overbuild. amazon in particular they hired too many people i am surprised that amazon is doing away with some of those warehouses you would think a company doing a half a trillion dollars in annual sales on its way to probably a trillion in ten years will probably need that infrastructure, but here's the other point. we haven't mentioned this. last night rkts tim and i went back and forth on this unemployment is basically back to those pre pandemic levels that was a 40-year low everyone felt great about that

pre pandemic here we are now. the headlines that i again, that keep getting my attention are all these companies that are laying off or slowing down hiring that means there's going to be slowing wage growth. >> and white color hiring. salaried workers >> correct this is all happening. david rosenberg mentioned, had a conversation with him a month ago. he said if you see three tenth of a percent of increase in the unemployment rate, you almost always see a recession follow that i know a lot of bad stuff has to happen over the next three to six months for that to happen, but it's not that crazy to think about if we're burning off this excess and i don't know if you guys also saw the atlanta fed, we know we had a negative print in q1. technically, if it swung to negative, this is going to be a bad last month, then we've got a recession. >> so i come back to the point

liz is making. yet the market doesn't seem to care they're sort of looking beyond it because they think all right, all this pressure, inflation will come down do part of the fed's job for them we have a lot of hikes priced in and so we're looking past that the market is a forward looking indicator, which it is, so dan you must think the market is nowhere close. >> we have hundreds and hundreds of stocks in the russell 3,000 that have been cut in half we're in a bear market housing's about to turn. mortgage rates >> that's not priced in. >> i think the s&p is -- now it really is if you think about it because it's really -- what is it indicative of? >> so the last time the ten-year treasury yield was above 3% was in q4 of -- >> i'm not arguing with you. >> s&p back then really dropped how much guy in a two-month period >> 19.9% >> and you're telling me that we got down 20%given everything

that's happened since then and that's it? >> he just said half the stocks in the russell 3000 are down 50%. small caps were down 12.5 pe, a global financial crisis low. so if you look at what the market has done, this is my only point. i don't want to fight the colocorner of did i think the economy's going to get stronger. that's not my position my position is that the market has made a move and priced in a lot of stuff and i think this is what karen was saying. i look at walmart trading at 123 and change this is a company trading at 120 back in 2019 you have to look at a lot of different things i think we've priced in a lot of bad in us and if we're not having a recession, the market is too cheap >> except you guys make the point night after night that maybe big cap tech hasn't priced it in and that's where the pain is in the market >>. >> guy repeated something i said

a minute ago and you're actually just pushing it forward. 100% microsoft just eked out that little bit of news that's going to proceed the guide down. and apple's likely to guide down and tesla's likely to guide down and we know that facebook's quarter's going to stick and twitter's is going to stick. and the list goes on and on. and that's how it's going to catch up to the pe >> for more on what's ahead for the consumer, let's bring in steve liesman. we want to know the other piece of the puzzle. that is the consumer what sort of indications to we have now because one of the theories is that the consumer in short order will be stressed if the consumer's not stressed already and i'm wonderfuing if you're seeing that in the data >> first of all, listen to the conversation pass the hemlock because target used its inventories

dan's got us in a recession. i think a lot of the discussion, a lot of certainty around what you're saying. i just don't share just a quick rift on the target is that you know, everybody from the fed on down has gotten this wrong in terms of the recovery and it's interesting to see target and some others making the stake of ordering like the pandemic was going to go on forever and suddenly it's not. i'm not sure, i would say you guys could be 100 right about this, not sure if that's the case of a shift in terms of people going into services and renewing some old spending patterns or it's a sign of weakness i could go either way. same thing guy was talking about. for example, the savings rate is down to low levels, but people still are assumed to have a very good amount of savings from the pandemic level you have very low unemployment and you have a very large gain by the way in the total wage

growth to the economy. i can make a case that the consumer, at least in the data i'm looking at, high frequency data, is not giving it up just yet. there are some layoffs that have been announced, but you have this idea of a massive number of job openings in companies looking for hiring there's been rescinding in some areas. tech looks to be taking it on the chin right now, but we're still coming out of this pandemic and there's still a game of musical chairs to be played and target missed its inventory and like i said last time, not going to jump off a building because of target missed its inventories >> dan started to raise a point that you can help us with. so the rate of change in terms of unemployment, how quickly would you be concerned i talked about the participation rate was part of the reason the joblessness didn't go lower. excuse me, the employment rate didn't go lower, but what would concern you and what's a level

on unemployment that you would be concerned, august, september, december >> dan was quoting david rosenberg who's a great economist on the pessimistic side of things and david was quoting a tried and true ratio that exists out there is when you have this kind of rise i just don't know if that's going to be true this time, tim, because again, it's a pandemic thing. went down to 3.5%. have a massive labor shortage. a whole bunch of people retired early. we also had a decline of immigration. people who are still not comfortable going back to the workforce. so all of that is out there. i guess i'm willing to abide some increase in the unemployment rate. the big story here sin finflatin the consumer's ability to spend higher i think dan is right we have had weakness in the

second quarter it's not the be all and end all. just real quickly. a month's or a quarter's inventory is made up of a whole bunch of companies some of which overordered and some under ordered and some got it just right. it's been happening the past two years. now one company comes along and overordered and missed the change here in the consumer. i think a little bit of chill is warranted in this case and don't was wish the panic on the consumer because target got it wrong. >> it's a couple of the biggest retailers in the world target and walmart >> in the same direction in this context. and by the way, i have every confidence they'll get their inventory levels right because they're that good. >> it's karen. thanks for being here. so when you look at this landscape now and you think about inflation, do you think we're going to start to see it come down and how far does it have to come down for the fed to start moving >> i'm more pessimistic on that

front. i think there's still three things to come through i don't think we've seen the worst of the inflation from the ukraine war yet. i don't think we've seen the worst of the inflation that would come from the china lockdown and i think there's some wage inflation to work through the system here which would go along with my idea that the job market is going to remain relatively strong over time the top of the curve is, the fed funds curve is the july 2023 contract that's trading around 330. i think there's an upside risk of something above that. maybe 3.5 or 4% from the federal reserve for at least a time. i mean, i am confident the federal reserve will win in the battle against inflation the question is does it win ugh wi ugly >> what does ugly mean >> i feel like we got scolded by steve a little bit just saying. >> a twist here.

>> i didn't hear >> in terms of at what cost do we need to see a weakening consumer do we need to see that consumer pull back as a by product of what the fed is doing? >> this is what winning ugly means to me. crude continues to go higher we'll talk about energy. that's clearly the path it's been on. tim's talked about this for a while. energy has been unabated to the upside winning ugly would be for crude to continue to go higher we're seeing what we're seeing with these retailers, but they can't get their arms around the one thing that's the lirchl pin of everything. that's energy prices coming up, what recession. stocks are headed higher that's the word from marco plus, going nuclear. uranium surging onotti ppt from tbiden administration when "fast money" returns.

at adp, we use data-driven insights to design hr solutions to help you engage and retain top performers today, so you can have more success tomorrow. ♪ one thing leads to another, yeah, yeah ♪

millions have made the switch from the big three so to xfinity mobile.uccess tomorrow. that means millions are saving hundreds a year on their wireless bill. and all of those millions are on the nation's most reliable 5g network, with the carrier rated #1 in customer satisfaction. that's a whole lot of happy campers out there. and it's never too late to join them.

get $250 off an eligible 5g phone with xfinity mobile. take the savings challenge at xfinitymobile.com/mysavings or visit your xfinity store and talk to our switch squad today. welcome back to "fast money. the ura etf topping today jumping 6% on reports that the biden administration will push for a plan to buy enriched

uranium. nuclear generates about 20% of the u.s.' electricity yet we buy most from abroad >> enriched. this type of legislative action, we heard this from secretary granholm the words, urgently, and some of these elements around this is an agenda that can't be ignored in the world order we live in folks should not play to the uranium trade. if you look at a chart of ccj, this is a chart that with a fair amount of volatility because i think outside of dedicated resource players and people that play uranium, this has had a lot of tourist investors it's a very impressive chart and back above that 20 o >> you're getting an opportunity

off this pullback to get into a space that makes sense if you think crude is going higher, which i do, almost by definition, you have to be in these names. >> we've got a double buzz kill on robinhood and financial the sec proposed new rules that could overhaul trading the changes would require brokerages to bring them to auction. part of this is the potential elimination of payment for order flow which allows robinhood to get retail traders free trades, but that's something people were complaining about. dan? >> we've talked about this i think robinhood's toast. it's toast with their customers and their business model is toast and some of these larger platforms that never actually, fidelity is one of them, there's lots of large platforms that were never selling the order flow to me, it makes some of the existing platforms that much stronger >> i never quite understood the

argument that it's better to the consumer because they have free trading when what was the free lunch, right >> there is none >> and so however, i think guy always makes the point, i think he's right it's never been better for the customer we've never had tighter spreads. i agree with that, but still, never understoodthe payment order flow >> for payment for order flow. >> yes that robinhood was sort of userping the customers out >> this would be better for the exchanges. >> the nasdaq, that stock sold off precipitously. i think the nasdaq, just look at the stock. it's just way too cheap here but getting back to robinhood, they're bashable, as they say. it's that old thing, why are you wrecking this company, because it's wreckable this is bashable thank you, tim, by the way

the stock, to dan's point, i don't see any compelling reason to own robinhood we've said it now for a long time >> we are just getting started here's what's coming up next >> the crude climb continues oil surging as supply concerns grip the market, but our next guest says have no fear. there's still some high energy left for stocks. plus, a retail deal underway the latest on kohl's and its exclusive sale talks the traders are giving the trade a try on, next you're watching "fast money" live from the nasdaq market site in times square. in times square. we're back right after this.n. no parabens, dyes, or fragrances. gold bond. champion your skin. you'll always remember buying your first car. but the things that last a lifetime

like happiness, love and confidence... you can't buy those. but you can invest in them. at t. rowe price, our strategic investing approach can help you build the future you imagine. space. the boundary of human achievement. the new frontier. ♪♪ eh. ♪♪ it's not time to escape. it's time to engage. it's time to plant more trees. hoo! ♪♪ time to build more trust. time to make more space for all of us. so while the others look to the metaverse and mars, let's stay here and restore ours. yeah, it's time to blaze our trail. 'cause the new frontier? it ain't rocket science. ♪♪

it's right here. ♪♪

$120 a barrel. it comes after shanghai ends its two-month lockdown but it didn't spook wall street. our next guest believes the market can handle another leg higher in energy prices and could reclaim 2022 highs he joins us on the fast line welcome back to "fast money. >> thank you, melissa. good to be back. >> so you like energy still. it's your top trade and you think oil can go to 150? and it wouldn't be a problem >> so we published a few months back that we think consumer can handle oil 130, 135 because we had in 2010, 2014. so we think consumer can handle that now we do think there could be some potential for spikes in oil, especially given what we have a situation in europe and

the war. so we wouldn't be surprised, but it could be a short lived spike and eventually sort of normalize. however, energy stocks are still our top call they're still attractive valuations went lower despite the stock price appreciation earnings grow faster, so multiple lower than it was a year ago >> when you think about what the consumer can handle, it's one thing to say the consumer can handle $150 a barrel and the corollaries off of gas prices and keeping your house cool over the summer, but when you're seeing that rise in conjunction with higher food prices, excuse me, higher rates, et cetera, what is the breaking point of the consumer it sounds like you think the consumer will keep spending pretty strongly and it wouldn't hurt the economy >> well, the question melissa is how long you can, that condition can stay we think that sometime in the second half of the year, the

situation in europe could ease a little bit the question is for how long consumer would buckle at some point, but we think short-term spikes can be handled. even this level on a more sustained basis, i think consumer could handle. of course, consumer spending pattern will change. so there will be some losers and some energy we think will be winner of that so certainly would be a little reshuffle. not be entirely painless for the other segments >> it's tim. one of the things that's been most impressive about your market calls over the years, you've been very balanced and reasonable during periods of hysteria one of the things you're saying in the second half of the year is that there's going to be a gradual market recovery, possibly a fed pause, but low on volatility and with that, some market factors that would be spurring investors back to the market talk about that because i think it's critical. >> so basically, the first half of the year, first four, five

month, we saw very high volatility not just in equities there was very, very high volatility in rates. bond space also there was negative correlation of wealth of bonds and rates. sorry, equities and rates, which have further made the problem worse. as a result, investors have been derisking pretty steadily in the first five month of the year so right now, we estimate that for instance, positioning of these investors, target disparity, insurance company, gone down basically to the bottom, fifth percentile so now what we expect that volatility normalizes a little bit so vix kind of in the low to mid 20s. this over time pulls in. so these investors back exposure and buy equities and we think these flows could be around $500 billion if volatility can sort of stay where it's now and go a little lower so call it vix in low to mid 20s. so we expect that and we think

it's a part of our thesis why we think market can recover so positioning is very, very low. >> your top pick, energy, small daps and high beta tech and you don't see any recession coming so i'm wondering what you think of prognostications made by some key figures on wall street of hurricanes that could be the size of superstorm sandy and i'm talking about of course, your boss, jamie dimon. >> so, look. everybody's kind of looking for all possibilities and one wants to be ready for all possibilities. but our research view is that base case is that there is no recession. so we actually, we do forecast some slowdown so of course nobody's saying there are no problems, but we think that u.s. economy and global economy will stay out of the recession, you know, and as such, we sit in cash for next 12 months waiting for this recession. if the fed can give some

indication, if we continue to see consumer, especially on the services side, holding up, which we do expect, you know, then we think it can gradually come back into equity markets. >> always great to speak with you. thank you. >> thank you so much >> okay. what do you think, dan >> i'm glad you brought that up. listen, obviously jamie dimon is one of the most followed bankers on the planet. he has lots of data. doesn't run a research shop. probably speak frg the hip a little bit but then that was followed by elon musk, the ceo of a company that makes electric cars and has a $700 billion market cap who says he is super worried or something like that about the economy. you have to piece this stuff together and think about who has a lot to lose by not being out there and saying such things i think those guys certainly do. you probably want to pay more attention to those sorts of -- >> elon's never said anything

extraordinary. >> you know what, i'm not a fan of his >> what i'm saying is like, that was a pretty significant comment. i'm surprised it didn't come with an sec filing >> if mary barra said it, we'd have a different reaction as opposed to elon musk they're different kinds of figures, but in terms of the head of a major automaker in the united states, it would probably get more attention than what elon musk, you know. >> i think that's absolutely fair she didn't say it but to me, listen, you can't discount jamie dimon when he says something like that. he chooses his words extraordinarily carefully. he knows the ramification. elon musk, probably not so much. i'll take jamie at his word. what category doesn't matter i still think there's pain ahead. energy's not going lower anytime soon >> when he had his investor day, that's not the story he told when he was talking about what kind of risk they will take, he was being conservative he was saying we're going to service our existing customers

we're not going to take on necessary risk >> let's stick with energy exxon mobil jumping to its highest level since 2014 the stock is up more than 68% this year and options traders are betting it's about to climb higher mike >> a lot of energy names saw a lot of options activity today. exxon was certainly one of the leaders there. traded well over two times its average daily options. outpacing by about two to one. the september calls, a buyer just under three bucks buyers are obviously betting the stock is going to rally above that 115 strike price by september expiration and that would be an increase of about 15% or so. >> thank you, mike, and speaking of exxon mobil, david faber is getting an inside look into the company. exxon mobil at the cross roads that's june 22nd

for more options action, tune in to the full show friday, 5:30 p.m. coming up, novavax shares opening back up and the calls chronicle continues. shares surging after the company announced a new sale development. that has one of our traders fired up guess which one. the details when "fast money" returns. how do we show strength and stability? (eagle call) a mountain?

a tree weathering a storm? (thunder) lions? nope. (lion rumbles) we do it with our people. hybrid work is here. it's there. it's everywhere. but for someone to be able to work from here, there has to be someone here making sure everything is safe. secure. consistent. so log in from here. or here. assured that someone is here ready to fix anything. anytime. anywhere. even here. that's because nobody... and i mean nobody... makes hybrid work, work better. at adp, we use data-driven insights to design hr solutions to provide flexible pay options and greater workforce visibility today, so you can have more success tomorrow. ♪ one thing leads to another, yeah, yeah ♪

word it is in exclusive talks to be taken private by a parent company of the vitamin shop. so, karen, how are you feeling about this >> fired up, as usual, but better i'm happy to see it. we knew they were one of the names that had been talked about. what i really like is that we have a number out there. $60. not quite sure of the structure so that's something that hopefully in the next three weeks they'll get to, but the reason i like that it's out there is that three days ago when there was that other story that talks seemed to have ended, kohl's traded to 37 or $38 so i hope management sees, okay,

that's that option, the go it alone option $38. here's an option for $60 hopefully they would do the right thing. i want to believe them i believe they're in this process here, just bring it to the finish line. you can do it. come on, guy, you can do it. >> so you would go ahead and say this is the one instead of shopping around? >> i believe they probably have. >> and this is it. >> right when they got bids in january, we were looking at a different world. had they taken them more seriously than at the time, i think they would have gotten more money for shareholders, but this is where we are now $60 seems good when 37 is where it was three days ago. coming up, the newest details on the new covid vaccine and throughout june, we're celebrating pride month. >> to me, pride month is all about celebrating all the work that has been done to get us to this moment. all the people who fought

sometimes with their lives so that we have a chance at equality and it's also a reminder that there is so much work still to be done. i am so proud of the next generation of trans and nonbinary youth. they are fierce, happy, thriving and they've had a chance to have a iloochdhd in their gender which is amazing and has really changed the game

this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm done. i'm okay. ♪♪ ♪♪

♪♪ take the world by cloud. accenture let there be change. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today.

welcome back to "fast money. novavax shares surging after the company cleared a key hurdle in an effort to bring a new covid vaccine to market. shares opening moments ago after being halted for an entire trading day. shares are up 20% right now. let's get to meg with the details. t. >> an outside panel of advisers voted 21-0 in favor of recommending the vaccine for emergency use authorization. this would be just the primary two-dose series of novavax's vaccine so a lot of people are wondering what role is this going to play. the cdc and fda pointing out there are 27 million americans who still haven't had their first dose of a covid vaccine. there's some hope the company and even the fda expressed that having this more traditional

vaccine technology, not the newer mrna vaccine, might bring some of those people over. but i spoke with the ceo just now, asked him about the importance of this vaccine given the landscape. here's what he said. >> we have a big role to play out there. there's, covid's going to be around for a long time there's boosting to be done. there's the whole world of adolescents and children to be vaccinated and i think our vaccine's perfect for them >> he told me they're planning to submit data for a booster dose he said they started clinical trials of omicron-based vaccines last week. this is a huge moment for the company which has been around for such a long time the stock was down to like $4 before the pandemic began. 150 employees. quite a big turnaround we've seen through the pandemic, although it took a long time to get to this point. >> is there any indication this

shot can be used as a booster to mrna vaccines or we don't know yet? >> that is an expectation. we're going to have to see the data and how the fda consider this, but they have generated data looking at that and the immune response that happens when they do that. of course for a lot of people, that would be the way they would encounter this vaccine but i also spoke with one of the advisers tonight who noted we need to keep improving these vaccines because this is going to be with us, this virus, for a long time and a lot of kids are going to continue to be born who haven't been vaccinated yet so it will be used potentially both ways >> thank you guy? >> the average price target i think on novavax is like $131. i think jeffrey's just initiated or raised their price target to 180-ish. the risk reward, had the tamarity this is a friendly show. >> what about courage?

>> nice. what gives a musk rat his musk, mel? say it >> cowardly lion >> i think it goes higher from here despite the $9 move in the after market i think you can make the come p peling case this should be twice what it's trading. >> are you in mrna still >> never been. you can look at the same move. they lost, i don't know, 20 bucks a share last year. novavax. they're expected, if you look at the forward, to make 20 bucks a share. i don't think they're somewhere in the middle. bio tech is not a safe place >> coming up, l.a. -- l.a. lacrosse stock i hardly talk about what's in the prompter, but in the prompter, it's l.a.-crox as a former player, there should be an e at the end

anyway we're taking a look at the -- >> it's a pun. >> details next, "fast money" is next between numbers and people. what's right for the business and what's best for everyone who depends on it. y's challenges while creating future opportunities. it takes balance. cla - cpas, consultants, and wealth advisors. we'll get you there. (heartbeats) cla - cpas, consultants, and wealth advisors. introducing icy hot pro. ice works fast... to freeze your pain and your doubt.

heat makes it last. so you'll never sit this one out. new icy hot pro with 2 max-strength pain relievers. ever wonder what everyone's doing on their phones? they're banking, with bank of america. the groom's parents? they just found out they can redeem rewards for a second honeymoon. romance is in the air. like these two. he's realizing he's in love. and that his dating app just went up. must be fate. and phil. he forgot a gift, so he's sending the happy couple some money. digital tools so impressive, you just can't stop banking. what would you like the power to do? this is xfinity rewards. our way of saying thanks, with rewards for the whole family!

from epic trips... to jurassic-themed at-home activities. join over 3 million members and start enjoying rewards like these, and so much more in the xfinity app! and don't miss jurassic world:dominion in theaters june 10th.

our next guest is the founder of pll just kicked off its new season tomorrow, they will debut a new documentary at the tribecca film festival this comes at a time when the ad market is softening and the consumer is dealing with record inflation. here to walk us through this challenging landscape is the president of the pll so, paul, you heard it tough ad market, but still the power seems to be in the hands of the people who have the content. you just inked a deal with espn. what was that process like and how did you choose that streamer versus others? >> it's great to be here in studio we'll talk about espn first. then we went to peacock so the streaming environment has changed before our eyes. we cut a deal with espn. we believe that they have kind

of the market figured out better than anyone. it helps with disney and hulu as a bundle but what they've done is aggregated a ton of sports properties it lives on across social as they keep the largest handles among the networks >> talk to us about the growth over the last few years because you've had a couple of really unique markets, products you guys had a very successful bubble during the pandemic there was a very captive audience back then, but your numbers seem to be increasing. >> what was unique about the pandemic and as we talk about the challenging environment today, that was more challenging but what it did is put for the first time in a long time, all sports on hold so if we're all kind of sprinting a marathon and the nba, the nfl are miles and miles ahead, they all came back to the starting block and because we're a true league, we devised this

first which allowed us to grow attention, sponsorship revenue and we've been really working on our product and our experience so that's takenin us to a placei year four where sponsorship is up 60% tickets are up 34% year-over-year our media's up with our espn deal this past weekend, we opened and we did close to 50 million impressions, 2.5 million engagements which has a lot to do with why the streaming environment is catapulting well into the future for the sports fan. >> you've also taken a page from the nba in terms of promoting your players you guys have done an amazing job. how important is that? >> i think it runs hand in hand with live broadcasts so, yes, the ad market is softening, but what it has differently is the lasting fire wall for watching television

you know you have live eyeballs and that's difficult to get. so to build your live broadcast, we need to build our player narratives through things like our documentary film that's at tribecca which is about the build of the league and the stuff we've talked about on this show. to series like drive to survive that netflix has but it's lived even if film from mighty ducks to rudy where you understand athlete narrative so you feel more invested as a fan. >> so you said the softening ad market there's willingness to spend still where do you think that's coming from? >> i think that marketers have to get tighter and more sophisticated and so if you look at like where all businesses are going over the next ten years, direct to consumer and recurring revenue. so you have to get as quickly down to the bottom of the funnel to acquire customers and for the reason i mentioned with live sports and also the creator economy, those are the two best paths of doing so. so what we have as a league is

we're true -- we own the league ip, the teams and access to players. so we hit both we have our live product, marketing onsite where we can create solutions for our brand partners then for players, we go directly to the audience >> paul, thanks for stopping by. always good to see you paul rabil of the pll. who would have thought these two, the lacrosse players. >> tt hais true. >> tt hais true. final trades are up next you can't buy those. but you can invest in them. at t. rowe price, our strategic investing approach can help you build the future you imagine. right now, we're all in' the squeeze. but walmart's got your back with thousands of rollbacks so you get everything you need to keep your summer rollin'. because when you save money, you can live better.

your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire

♪ ♪ ♪ (sha bop sha bop) ♪ ♪ are the stars out tonight? (sha bop sha bop) ♪ ♪ ♪ alexa, play our favorite song again. ok. ♪ i only have eyes for you ♪

tim? >> we talked about uranium this is a trade that despite all the development, you're hooking looking at the etf where it was a year ago >> karen >> yes something we don't talk about that much, which is lyft this company's actually going to be more than break even. profitable, actually lyft >> dan >> yes, cme. >> guy >> with paul, that's about as

handsome as this desk has ever been heavy handsome >> unbelievable. nasdaq, ndaq >> thank you for watching. see you back here tomorrow at 5:00 don't go anywhere. adon" om the west coast starts right now my mission is simple, to make you money i'm here to level the playing field for all investors. there is always a bull market somewhere, and i promise to help you find it. "mad money" starts now hey, i'm cramer! coming to you from san francisco. welcome to ""mad money." my job is to give you advice, so