say we're going to pause, because that just starts the clock on the first cut and he think it sort of reminds us that we're stillñr in suspense, we'r still waiting for a lot of things, including inflation, which is maybe backing down that list a little bit. >> all right, santelli, thank you. the s&p earlier in the session did move above and trade above that 50-day moving average, which is a key technical level.1 that's going to do it for us. >>xdpmqjuját+$hstarts now. right now on "fast," the fed raising rates and signaling increases are near an end. but chair powell continues to warn the market that we still don't know what the ripple effects from the recent banking crisis will be and the inflation fight is far from over. plus, a new buy-back blame game in washington. the ceo of fáe1norfolk southern the hill.fá

and later, lulu bucking the trend on a downward dog of a day. fine print of carvana's new dead offering and moderna on the defensive on capitol hill.e1 i'm melissa lee.t,opwe have a f desk. and we start off with thev markets post-fed selloff.w3fá nasdaq rising initially, but gave back those gains and more and jerome powell suggested the fight against inflation isn't over. take a look at some of these swings in big tech. microsoft, meta, apple, allxd reversing course sharply as powell spoke. so, whatfá do you make of the markets moves today? it feelse1 like we didn't get anything that we wanted, i mean, the banking crisis effects are tbd, we know that credit standards are going to be tighter, lending is going to be. they're notiing to be done raising, necessarily, so -- nothing to like here. >> i'm going toe1 go out on a lb here, i don't necessarily think

>> yellen? >> yeah. i think it was comments out of yellen, talking about we're not going to insure all bank deposits. she seemingly talks every day now, but i thinkfá a lot of it s predicated on her comments. all that qsaid, i thought powel did a good job. what i really took away, hey, wait a second, you know, what's going on with banks now, tighter lending standards are doing the job for us. that's something we've actually said on this show.e1e1 which she's correct in saying, t's not bullish for the aying, market. tighter lending standards, banks are going to make less, pushed onto the consumer, consumer is going to be strapped. so, as much as people want to blame it on the fed, i don't think it was entirely their fault. rose because there was a belief that there would be a blanket insurance policy on all deposits, karen? >> i think it with uu1 a little bié éfúñ thought when it came out of the gatijeñlpe1e1 was a dovish hike. i thought there was ae1 lot of softerfá language than we've ha in the past.

and we were talking in the green room before the show, did yellen hear what powell said and then decided that, wow, i really need to nip this in the bud, or do they not know -- 4ceyrñyeah. >> she probably wouldn't have had anything. >> do they text her? i have no idea. but i'm wondering, did powell misinterpreted? >> there were two things yesterday. one was in fed fund futures, that we were going to have maybe 70 basis points of cuts this year. and when powell says clearly, and said a handful of things clearly today. one is that we stillewhave massive inflation, we still see a tight labor market and we're not cutting rates this year, or certainly, you cannot expect us to. i'm not going to agree that that's happening. and that along with the implicit guarantees on deposits were part of the real disappointment. totally agree. i had thisq as a dovish hike. i had -- i heard a guy say all

those things, but then also pointing out in the language they removed the dynamic about a lot more cuts and they said, maybe some more, and even in the q&a -- >> a lot more hikes --e1 >> sorry, thank you. there will not be more hikes and maybe the policy going forward could be, you know, more firm, butqñi maybe even implied that there could be some cuts. that -- that was something that, to that point, and the equity markets intraday, and ultimately, the market usually has a bit of at( zigzag on fed days. i thought we were going to get that zag higher. until today's selloff, we were up 6% from the intraday low on the 13th of march. not as if the stocks hadn't had a very big rally into thisok morning when they started theçó >> yeah, you start off the show saying that chair powell said he has no idea what the effect is going to be. so, why would he continue to raise rates? effect is, isn't it detrimental

to raise rates, in that point? =@u. does he think nothing broke? or was it inconsequential? so, how do you analyze -- >> so, you'reç9d saying, basica, what they've done to date even prior tou■ the 25 basis point he broke the bank -- >> i think the regulatory banking systems with banks buying long data -- they bought that reversed. so, maybe the regulators need to put that into their analysis. right? if they're buying too much -- there sh7uurááá)r'g that screams for banks if they own too much long dated paper,e1 whe there's a risk in a rising rate environment. how often are regulators in the banks? every month? >> i don't e1know, but what abo bank management? shouldn't they know? >> of course. the regulators say you're out of

bounds on.e1q >> still a problem, steve, so, what do youe1 want thefá fed to? >> but there's so much that's out of the fed's control when i1 comes to inflation and now when we're kicking around and we still have those long and variable lags. things worsefái], so, at the ve leastc, a pause. he bought himself some time where a pause doesn't mean that he stopped. he can go back to raising again. >> okay. >> but today should havee1 been- >> what was disappointing about 4rjt? i look at today, i thought powell did a great á' there's no way the fed can know -- >> i agree with the desk. it was yellen's comments that created the market, not powell's. >> so, do things change -- does your outlook for stocks change post-fed press conference?e1 hearing thaul he saide1, what d you think? >> well, following the bond market, which is on some level back to where we were. and the bond market, the fed's reputation proceeds them. the bond market is saying, they're going to cut.

they're going to cult. and i think -- i think we've seen two, three different times during this whole period, even in the last three months, the market's been wrong about the fed. and i think this is the dynamic that the market is trying to figure out. >> let's get more on today's fed decision with steve leesman. he was in the room. steve?xdñr >> yeah, and i can talk about this yellen thing, which i think the market got wrong yesterday. and i can come back to that, buó first, i want to talk about the fed, which sought to strike this balance between still high inflation and essentially the recent banking turmoil that it says now threatens the economy. here's what happened. it raised a quarter point. you guys talked about ÷that. it wasok the ninth straight tim it's done that by the way, but signaled a little more uncertainty about what comes next with differentok language, talking aboutw3 firming maybe appropriate, rather than ongoing increases. the bank system, he said, was /páháádand resilient. bute1 the extent of the effects are uncertain. so, where does that leave us?

here's the picture. jay powell in the press conference, explained the connection between ratee1 hikes and the banking turmoil. >> we're looking at what's happening among the bait asking, is there going to be some tightening and credit conditions? and then we're thinking about that ast(xd effectively doing t so, in a way,xd thatp substitut for rate hikes. so, the keylp is, we have to ha policies tight enough to bring inflation down to 2% over time. it can come from, you know, frok tighter credit conditions. >> so, melissa, it's all very simple. if the banks end up lending a lot less and slowing thexd economy, the fed's going to do less. if the banks lend more, then the fed has more to do perhaps to bring down inflation. on yellen, the whole rally the other day was based on this story that was out there that they're considering this notion of a blanket deposit insurance for the uninsured. my reporting never supported

that. they said they were looking at all available options. that was one. so, i think the market took off on that notionçó and it never considered the idea that actually a blanket insurance for the uninsured had to go through congress, was never going to get through congress and certainly wouldn't get through congress in the event of an emergency, so, i think the market maybe just giving back what it had yesterday on this, i thought, unfounded optimism about ae1 blanket insurance policy for the uninsured. instead, the system remains the way it's going to be, they are going to handlei] this and iná the uninsured on a case by case basis. >> so, steve, is it possible, though, that just the -- we are looking at all things, óch is about whatxd sheorápr" a couple days ago, and now saying, no, that's not what we're looking at, i mean, that's enough to me to -- you can see whien baainge investors would get nervous about that. >> here's the state of play, qw

subtle, nuanced approach that the administration and the fede and the fdic are'c■ taking and people need to understand e1thi. it's an implicit guarantee. what they're saying isxd, look,e insure the uninsured depositors at signature and at silicon valley. you should probably expect if another bank goes down, we're going to insure you, and it's a complicated process by which they have to have a systemic risk finding. they have to get the fdice1 boa onboo2/1"át federal reserve onboard. each bank is done one by one. a blanket insurance policy is a different thing that requires the congress to get together and s it, andó[■ then they have to charge the banks for it. i think we're a long way from that. i think thew3 market's optimismn that i might sayb.■ did not tal about how this had to happen, which is to go through congress, i think the market went off a little bit extreme on that and i tried to talk it down the other %tk, but i'm sorry no one is listening. >> well, we hear that message

loud and clear today, steve, thank you.jf steve leesman outside the fed.u■ what do you think? >> well, i mean, where are we, though, in terms of the market? we're right back at 3940. a couple weeks ago, when we sold off in a meaningful way, this is a levele1 that we held and bounced. this is a level that precipitated that mike wilson call the next day saying,xdu■ w should bounce now to 4150, bullish in a bearishq environment, and we're right back to it. a lot of noise along the !u■i]w but here we are. you make your decisions based on this. submite1 the market'slp expensive at these levels and if it's gotten a little more expensive. let's bring in michael schumacher, wells fargo heade1 ¿e((árjtrategy what was your main takeaway from the felt today? >> yeah, the fed's trying to spin the dubbish hike. really difficult to do. so, the market is trying tolp

figure out how to calibu>áe all thesexd things. higher inflation but coming down, credit conditions tightening, which are already much tighter over the last few months, so future tightening is on tap, and tie it into where the fedfá goes not so much toda but over the next 6w3 to 12 months. so, i think the dubbish hike narrative is probably not going to stick as much as the fed might like. >> whatq is yourout look for th economy, given the expected ongoing tightening in credit and also the variable lag effects of what the fed has already done? i mean, we could be facing a powerful one-two punch when it comes to ae1 vice or some, you know, the grit in the wheels of >> yeah, that's a good point. it weakens the economy a bit quicker than people expected. interest in the fed's own dots show just a little bit lower expectations for growth this year than hay had back in i think the fed is not really giving up in cree dance to the idea that tighter credit means things weaken fairly quickly. >> michak,r■ if qt is responsibe

privately for about 25 dips of tightening and this bank failure is probably equivalent, no one let's just say 50 bips, you can correct me what you think, and then powell hikes 25 bips. is this too much to be hiking, all simultaneously? >> well, as far as tighter credit, and with respect to bank funds, you can't really tell at this point. and we got that sense from the press conference. at one point, powell referred to guesswork. i would say it's a tough calibration. you just don't know. so, it's hard to say it right now, whether the fed has tightened enough or too much. and that's why the market has been bouncing around so much, the equity market or the bond marke)tr(t&háhp &hc% people are trying to get a read on this. >> what are you telling clients, michael? >> we're telling clients that the fed probably hikes one more time. not a lot of confidence around that call. we'd be shocked if it were more áey and when you think about the

path for rate cuts, there's been this big gap between the market and the fed for a long time. and currently, for the end of this year, there's about a oneç percentage point gap, so, the market is saying, yeah, the fed will cut a number of times, the fed is saying, e1oh, no, we're t doing that. really, we think the market's overreacted. i suspect you'll see the number of rate cuts priced through december of this year. so, instead of 75, 90 basis points, something like that, becomes something closer to 50 basis points. two-year treasury and the ten-year treasury a little bit. >> michael, in terms of positioning, especially for macro funds, i'm hearing a lot of data they are so underweight, massive sellers of commodities and what not over the last week, that, you know, some part of this tells fáme, and when i add that to sentiment and markets, which, you know, according to bank of america is at 20-year lows in terms of sentiment, says there's risk to the upside. i know that's crazy, given the

kind of day we had today. talk to me about positioning, about what you know to be thexd positioning of macro funds here. >> yeah, the clients we've been talking to over the last number of days and week or two, really, i think are torn. and they say, look, weçó do thi it's near the end of tightening, whether it's the felt, maybe the ucb, number of central banks on tap tomorrow, but it's really tough to call that turning point. and by the way, if the fed stops tightening relatively soon, it'i probably for a bad reason for risk. that is that credit's gotten a lot tighter. i haven't talkedlp to too many clients that are super bullish on risks. when you look at corporate bonds, i think the spread is tough for people. >> michael, thank you so much. >> thanc!oou, melissa. >> so,ot/■ karen, do you look a your portfolio any differently? >> just thinkingóu=uq■ that. no, not really. i mean, so, i -- you know, i still have things like short

hyg, i havee1 banks, some long banks, interestingly, hyg didn't move. i would have thought we would see, with the concern about credit, that we would see credit spreads widen, even though rates moved differently. >> i think,ç"yeah. i think you stay long in the market. again, as a trader. and i'm -- i think i'm with some of the otheru■ folks here that don't think the market should be priced h%jd i don't think the market has a lot of momentum. i think it's to the downside. as long as the qse1 outperform e spies, and that's what we've been doing all year, i think you have to stay long in the market1 today may have changed that. psee. >> stops right at the 200-day moving average. guy mentioned the level before, 3940. 200-day moving average is a couple points lower than that. but until the market breaks down on a technical basis, tim, i think, the risk is to the upside. rj what you said. >> yeah. >> the market is -- the risk is

probably most likely to the upside still. >> and i would goehaack tofá positioning. goldman talked about, apor', ctas, so, commodity trading accounts are at they're lowest exposure or all time. you can't have three standard deviation dynamics without thinking there could be some risk. coming up, a buy-back battle on the hill. norfolk southern defending buy backs. could other industries like the banks maybe end up in the congressional cross hairs. before this next trade. before this next trade. some athletic moves in s ♪

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welcome back to "fast money." norfolk southern hitting a 52-week low, as its w3ceo testifievkn congress. >> so, stock buy-backs nenn■ come at the expense of sa"-(e9 >> yeah, i take that is that you will continue with your plan on the buy-back. >> they repurchased $3.1 billion in stock last year, so some lawmakers say the program should be suspended until the company

has fulfilled its obligation to crash site resins. buy-backs h!(ñ come into the crosst( hairs, they've become politicized. they go after companies that make too much money, they go after companies that do wrong and you have to wonder who they are going5a■ to go after next a how unpopular buy-backs will become. >> we would submit that 2u+k!acks and safety are mutually exclusive and safety is paramount. ics around that. we're going to suspend the buy-back until we are 100% certain that safety for our riders, our communities, our engineers, are at the forefront happens again. >> crisis management. >> i don't do this -- that's really easy. it's simple. the fact -- i mean, these people are completely tone-deaf. so, the stock deserves to be at a u■52-week low in my opinion. >> and i agree with that, and already been criticized that their response has not been so, they've already heard that we don't believe you're doing

enough here. that's the problem. if they were hearing çóthat, th could make this presumption, hey, we would never sacrifice, but i agree, i -- i think it's unfortunate that thee1 buy-back dynamic is now something that is a tool to be used.e1 i think this isfá a case thate1 by itself. >> chevron came under fire, now■ i mean, you have to wonder iffen banks will come under fire. they're under fire. >> totally will. >> guys what's wrong with you? >> yeah, guy, i thought that was really excellent. >> thank you. >>uri hope they have it on the - >> on the vhs tape. >> really excellent. >> they're watching "fast money." >> i do finde1 it ridiculous, though, that it comes from the a bye-back. debt, just -- yeah, just issue, issue. i think that, you're right, he absolutely should have done that. it's kind of, i mean, that is pretty bad pr right there, but --fá i think buy-backs are i don't understand why they're

so demoqked all the time. certainly there are some that shouldn't have been done, but there are others that are, i think, are efficient management ofe1 assets. >> right. >> so, they cover the buy-backs october 2020 levels on the charts. if this level doesn't hold, the stock really falls. i don't want to call it super substantially, but it could fall another $25 here and go back to the july levels, and then you're sort of in free fall. so, i don'tçó know on a technic basis or on a fundamental basis if you really want to be putting new money to work in thisoname. >> all right, coming up, yogaq pants pop. >> oh. >> what? >> stretching higher. analysts feel the burn.e1 should you namaste in this name? that was a lot. and a bank beatdown aft.y (vo) the fully electric audi e-tron family is here. with models that fit any lifestyle.

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welcome back to "fast money." two major sportswear names heading in opposite directions today. lululemon jumping after the5a■ price target was said to have too much negativity. and nike falling, after the earnings report. upgrade to overweight from equal weight over at barclays. sets up nicely for a would you rather. >> oh. >> zv■guy, you actually propose this pairing, i think, on the caller yes today. at 12:30. >> a lot goes on there. >> a lot. >> both are still expensive,5a■■ at these levels, seeing theçó selloff, you can probably make a compelling argument that all the

bad news is behind lulu. that inventory problem they really whiffed on. nike seems to be in the midst of it. given the parameters of the game, it's lululemon here. >> nicely played by the rules here. karen? r(t&háhp &hc% the same conclusion. i just -- they're both really expensive. lulu had a bad quarter last time. sometimes bad quarters follow bad quarters. i don't own lulu right now, i love it, but 31xd!u■ times -- i really got toñr own this. >> steve does this, i'll let him play the game -- >> you're going to go off the board? >> exactly. >yrñ nike for sure. >> i would rather lulu, but i don't want to own either one. i look at nike's outlook and a lot ofu■ questions around china for an incredible company, in a high margin business that gets higher as they get north of 50% in sales dtc.e1 not here. >> because steve never does this, i would picke1 nike, lulu

broke down technically -- >> oh, so you are actuallyt( rathering -- >> i always do that.fáq but i always bring in a third party. >> you're going to do that?u■ >> don't even go there, guy.e1 >> what are you laughing at? i'm at,p)ticipant. i'm also a watcher. >> that's what's so great about this show, sitting here at the 1 table. well played, too, xdsteve. golde1 stars for everybody. nike did stay outside options volume today. let's go to brian sutland with the action. brian? >> yeah, massive trade volume,w options trading up 3 1/2 times average, and that comes folï but seems like a lot of traders were repositioning thmr"#lves, especially in contracts expiring on friday. people getting out, maybe taking profit and starting to get short. seymour right be right on this

here. traders, we saw a buyer of 1,000 weekly 120 puts.e1 that's a play to the downside, where they see the stock breaking to 119. if we get followthrough, it seems like nike is susceptible. the fact they've had to loweri] prices to takelp down inventory had a lot of traders e1concerne. and that's why we saw a lot of the short bets coming to the table, early ñrmorning, even >> that didn't really sound gin win. you know i love you, but --q >> someone alwayse1 says that wn they're going to say something bad.çó >> brian, thank you. for more options action, be sure to tune into the full show, that's friday, 5:30 p.m. eastern time. all right, we have a news alert for youñi on coin base. christina has all the details.e1 >> hi, melissa. now on crypto exchange coin base with the commission issuing a wells notice to notify coin base, this is a notification that we're seeing right now, coin base related to the company's exchange.e1

their staking servicelp as well1 coin base wallet. for those that don't ñrknow, staking is just a way of earning a return for loaning out crypto tokens. the s.e.c. said that crypto-currencies that rely on staking may be deemed securities, thus subject to oversight and disclosure rules. =versight and disclosure rules. viola and we ajqñi going say it, the legal officer from coin base has issued a statement saying, quote, we welcome a legal process to provide the clarity we have been advocating for and to demonstrate that the s.e.c. has simply not been fair or reasonable when it comes to its. given this new literally just broke, we havee1 reached out to the s.e.c. for comment, we haven%f■ received any just yet. there's the news. >> christina, thank you. just as the stock was getting off the ground with the rally in bit coin here, a wells notice is never good news. tim, what d

>> just -- penalties, people piling in, and a defense that, well, this is because you haven't e1defined -- i mean, lo, i don't know what was going on. i can just tell you if the defense is, you reallyi] haven' defined how we're supposed to be trading some ofe1 these, and if what was done is at least currently, technically, in the offsides part of what securities laws are, i don't think there's -- that's not a defense. and that would concern me. >> $20 billion ñicompany, over e course of this y{, goneok from 5r to 80, back to 55. started the day att( 83. so, this stock was down six bucks into this, it's now an additional six bucks. it's a big move.ñi to tim's point, there's some z trade. this happens to be one of them, but i think lower from here, as well. all right, coming up, bank stocks taking it on the chin after powell's comments failed toi] reassure investors. plus, shares of carvana speeding higher. and karen's been digging into the details. why she says we could see more of these kinds of deals from ;a;!5áq" companies. don't go anywhere. "fast money" is back in two.e1

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welcome back to "fast money." another check on the markets today. stocks closing at the lows of the session after fed chair powell's news conference.ñr the dow falling more than 500 points. theñi s&p back below the 4,000 level. all three breaking a two-day win streak. meantime, afterhours shares of kb homes are higher after a company posted a beat on the top and bottom lines.w3 sqpntime, turmoil in theñh9-%9 industry dominating jerome powell's news conference this afternoon. the fed chair slamming silicon valley bank's management, but reiterating that the banking system is sounde1 and resilientó thee1e1 regional bank etf dropp for more, let's talk to chris, greate1 to have you with us. i wanted to ask you with why the traders think the markets sold off today, and that is yellen's comments thatehwhere wouldn't b

blanket fdic i]insurance. i'm wondering if that, in your view, changes how you look at the industrye1 from an invesmen standpoint. >> yeah, ñ thanks fo4á having me. i think we've been dealing with this confidence and contagious risk for last ten days. i think certainty beforeok making investments in the banking space. a lot of volatility that we're dealing with. but clearly, there's some political ramifications of giviny■ blanket statement on deposit insurance. but what we've learned over the last ten days is, there is an explicit guarantee when a bank is put into rereceivership, but there's that implicit guarantee that's overhanging the market right now. >> it's karen. let me ask you, i've beene1 looking at the notes,lp talked about how you think there would standards forñiçó non-ge1 sibs. >> right, that's a good question. what they've been trying to do over the last 15 yearsq is to spread out thelp diversify case

and really prevent against too big to fail. what we're seeing in the last ten days is obviously regulation will come out of this. every crisis brings more regulation. and i think the fear in the market is that that will be pushed down cap, so,ok that wil be pushed down from the largest banks to more of tho■ regional banks. and the quek(u=9■ is, how much does the denominator go up in your capital ratios? u the earnings impact from the top line? >> chris, the governmentçó doest seem to care about the equity in thiessen banks,i] specifically e sector. ñ look at the equities whether we're just playing russian roulette with one day to the next, one day you feel as if the government isu■ sort of backstopping them and then the next day, you are wiped out by 30%? >> yeah, 20% to 30% moves ) p bank stock, is notu■ health. we need things to calm down.lth. we think we need some more

ñ fed and the officials, but clearly, what's going on is not healthy, and so, what i think investors are looking for is a little bit more of an explicit guarantee that the deposits will beq safe and the equity holders. they are very important pieces. they recap the financial system in ' 8. this is not au■ capital concern it's liquidity. >> chris, i'm wondering -- just trying to get an -- all of these unknown factors and at the same time, you know, get out there and recommend a stock when you can be cut 30% in the single dale based on sentiment. we don't know what the regulations will be, so, we don't know what thexd operating environment will be for the banks and we don't know what sort of credit risks will exit when we see the tightening and lendings go up, et cetera,fá et cetera. >> the rules are changing and

we're trying to take the information that the banks are o providing and a lot of them are providing information on we're rolling up our sleeves, looking atçó banks that have provided okxdliquidity. we've been looking at western alliance. they are caught up in a lot of the volatility in the markets. if you look at what they've done over the past week, they've put it on their balance sheet. that covers any outsized deposit that we see. book values good here. this is a company that can self-fund their growth. they're self-capitalized. andeq$u$e stock tradesr value, so, we've done the work. one1 that one and that's where weñi reall think the risk/we ward. the stock's gone from 75 to 7, and now we're at 30. that, to me, is a really good opportunity. >> yeah, the other one that you like ise1 new york community ba corp. 1yq!%m■ environment, after this we've seen all that we've seen

so far, are there any çsoçratio numbers that we're looking that make you feel more comfortable from any particular one? >> thee1 banks have done as gooa job as i think they can to provide the infoeyppáionxdjf to investors. now, the investors aren't really in a trusting mood, but bringing it back toe1 new york community if you think about diversify case, that's one of the lessons we're learning from the crisis. 2008 was about diversify case of your assets.e1 right now we're talkingxd about concentration in your deposit base. what new york community has done over the past six months, they have closed the deal, they closed flag r ypéhat got theirxde1 balance sh more we199ñ and this deal with signature is a home run. book value goes up 15%. earnings go up 20% immediately. and what they did is, they didn't have to issue equity. that's another stock trading below b'úi value that we think the risk/reward is really compelling. >> that's nowq signaturee1 got o crypto. chris, thank you for joining us. appreciate it. >> thank you.w3

>> what do you think about banks now? >> well, and nyc b's diversify case is also regional. they have heavily exposed in this area around the w3tri-stat area, but they are alsoe1 midwe and theirñr exposure to e1 multifamily housing, saye1 what you want about commercial real estate, but multifamily, still very high. i look at the banks and i look at the kre, we know that after, again, the late-day moves, you're back to where you weree1n bailout day. but so is jpmorgan. so issen baaing of america. and that's telling you all the things that i think we've been saying.xd lending standards are tightening. the thousands that have flownoko the big four, half of thatñm■ gone into e1cds and money marke funds, because people want to get more on their money. the cost of deposits and i think maintaining customers hasn't been this high for banks in years. that's the problem. we don't know what to pay for them. they are not going to bee1 givi

money back on ñrbuy-backs. >> interesting, bank of america is at a multiyear low todayxd ak 21.60 or so. this first republic saga has not -- those 120 dayse1 are goi to go by really fast. and one has to wonder what's going to happen during -- i don't know -- areuttq going to see it take under in one of theset( banks, like we saw 15 o so years ago? i think that's coming to a theater near you. there will be winners here, but a lot ofi] chapters left on the banking side of things. >> bank of america has -- on days when banked did well, it's sort of lags since the banking ] meltdown and i'mym:ujtr'g what comes to mind when you see this underperformance going on, >> well, i think they have more mortgage exposureuzá!9■ a jpmorgan, for example, so, we talked about how that mortgage exposure looks. but i -- i still thinkt(5a■ thas a very different animal than svb, but in this current

position in bank of america. it's bigger!u■ in jpmorgan now. i think it's the premier name. super quickly for u■sure. but just to your point, though, i do see some take unders. >> what negotiating leverage do have you? >> exactly. >> right. coming up, carvana shares driving higher today, but karen is diggingjf into their new5a■ offering. the fine print onp,■ what the enoughfá offering could mean. and we are celebrating women's heritage. here is the president of the new york stock exchange. >> what iñr would love others t learn from my personal journey is, don't be afraid to take risk. don't assumet( your career has linear path.çó mine certainly didn't. as someone who started their career coding, i5a■ never thougi would be president of the new york stock exchange and leading the world's largest global exchange.

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carvana shares driving higher today. the stock surging nearly 30% at onew3 point after the retailer d a plan to restructure its $9 billion debt. karen's got the fine print. karen, what did you find >> yeah, so, this is sort ofe1 interesting. it was good, it sounded like they are going to move money less quickly. so, the street loves that. then they announced this ye1 they have way tooçó much debt. and this exchange offer is, your bonds, you are getting new bonds. and these are called cash pick toggle, which means they can either pay in cash interest, 9% in this case, or they can pay you pick, pay in kind, means, we're not going to give you cash interest, we're going to give you additional bonds as a dividend, 12% rate.çó sounds good, right? yeah. and thenr we can go back and forth between cash or this pick part, depending on how much cash we have.

however, the good part about it is, they said, we're going to pay you a value of 80 cents!u■ the dollar. now, that's a discount to par,a but these things are nowhere near par. so, luá4■'s look at several carvana bonds. do we have one that went up a lot? no. okay.5a■ there wp the one that went up a lot, this is like when you're at an airport and they say, we're oard in and they get the overhead leggage space.÷zn8this is what here. they're going to get the exchange offer in groups. you get the first shot at it. >> that's a great metaphor, by the way. >> i can see the scramble. >> so, this family,5a■ there th are, they are positioning themselves, boxing out group two. they are in group one. $500 million of group one bonds. that's why they're up so much. the other ones are, we're going to get crap. maybe we'll get a it will biff off, but not really.

and then we are left with this still very indebt4g company. they've paid a little over the door already. p r(t&háhp &hc% you can understand why they were not happy with this. it just seems to be trying toñi push off bankruptcy.ok >> tim and i went to college together, it was a class called management science. >> oh, mis. >> which was t(brutal. i went prepared for a test. i went into the professor and i gave him au■ menu of reasons wh and things that ip,■ could do. that sounds like what these carvana people are doing. they're throwing all this stuff against the wall, hoping that something sticks. it didn'tfá work out all that wl for me, and i guarantee it's not going to work out all that well for carvana shareholders. >> i'm sure it didn't work for you and probably wasn't the only class. extending and, you know, carava% that's got a series of debt instruments. the point is extending -- >> just praying, hoping for time. wñ and they also preannounced.lp

and they actually had something relatively good to say, which is that, you know, they burn between 50 and 100 million versus 295 last quarter. there, butq-it's not what i'm chasing. >> i want to say, at the end of the quarter, with more vendingx machines than they did, which is what they did the last e1quarte which boggled my mind. which boggled my mind. coming up, one top cvido young lady who was, you know, mid 30s, couple of kids, recently went through a divorce. she had a lot of questions when she came in. i watched my mother go through being a single mom. at the end of the day, my mom raised three children, including myself. and so once the client knew that she was heard. we were able to help her move forward. your client won't care how much you know until they know how much you care. all across the country, people are working hard to build a better future. so we're hard at work, helping them achieve financial freedom.

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cannot misse1u■ cnbc's heal returns conference on march 29ñ th. scan the qr code to register or visit cnbcevents.com. well, moderna's ceo getting an unfriendly reception in front of the senate today as he defends the covid-19 vaccine price hike. meg has the latest. moderna is changing the price to $130 per dose when it goes into the commercial market expected later this year. that's upó[■ frno $15 to $26 wh the government was the purchaser here. senator bernie u■sanders, the chairman gc the senate health

committee, pressing the ceo ofl modernato lowere1 that price, saying the u.s. government contributed to a lot of the development funding for the vaccine. here's what he said. >> are you prepared to substantiallyd the vaccine? to the united states government >> given the situation at hand, mr. chairman, we have no idea the volume that we'll need this year. we have very increased >> you havelp complexity, but5a have money for stock bye-backs by the bills and you guys became billionaires. that doesn't seem too complex to me.lpu■ >> so, it's really indicative of a lot of the exchanges during this hearing today. he pointed out that there are a lot of things that are going to happen now in the commercial c@o market. there will be xd10,000 customer instead of one, the u.s. government. they're going to have to repackage the vaccine into single-doseçó vials. and he said demand is expected to drop 90%.fá

still, mel, you can see that the stock was under pressure throughout the course of today. i heard from jared, that could have been due to the hearing and people thinking maybe this $110 to $130 price doesn't actually last. other people saying the covid vaccine is not the most importantg stock right now. people are looking beyond it. but even beyond this forñi moderna, this is seen as an 4ce%9■dustry overall.çó because with bernie sanders in this t(position, in this importt senate committee, and measures in the inflation reduction act focused on drug pricing, there is a lot of pressure being put on the industry from washington right now. mel? >> it is amazing how,çó you kno folks -- the savior of all of us from the pandemic, to nowlp facg this sort of pressure. always good to see you. thank you so much. meg terrell. like a year ago,fá two years ag theset( guys were, thank you, thank you, thank you, thank you. thank you for all the resear dem that's helped us through the

pandemic. >> changes onñi a dime. the stock has beene1 in this çó 120-185 range. we're smack in the middle of it. in terms of trading the stock, to me, it's a noç"touch. i think they have an investor day. there's zero clarity at this level. >> this seems to be right up there with banks for congress. and it's -- somewhat a bipartisan issue. if you look at the state of the union address, where president biden shamed eli lilly into lowering their drug prices, as well. well. i don't want to s i]it'say inner voice: (kombucha brewer): when i started my new kombucha business... ... i thought there would be a lot more kombucha... ...and a lot less business. inner voice (graphic designer): as a new small business owner... ...i've learned that trying to be the “cool” boss... ...is a lot harder when you're actually the “stressed” boss. inner voice (furniture maker): i know everything about my new furniture business. well, everything except... ...the whole “business” part. not anymore. with quickbooks, you can confidently manage your business. new business? no problem. yeah. success starts with intuit quickbooks.

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>> steve? >> you know, allma■ ÷d stuff wi the banks took my mind offu■ of tesla. tesla traded down about $168, traded backptv( to 200 right no.

tesla, still long. >> steve? >> 163.85, to be t(exact, if yo recall that. gdx. you see goldu/today?xdi] >> oh, yeah. >> you watch everything. >> all right, thank you for watching "fast money." we'll see you back at 5:00. "mad money" with jim cramer 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. welcome to "mad money." welcome to cramerica. other people want to make friends. i'm just trying to save money. my job is not just to entertain, but to educate and put days like today in perspective. call me. 1-800-743-cnbc or tweet me