>> only applies to those that are members of the aga, which does not include, say, points bet or caesars, for that matter, and others >> all right, i think it's going to be an exciting night. contessa brewer -- >> let's do it >> thank you all right, well, we had a mixed picture for the major averages the doug higdow higher, the nasr pressure that's going to do it for us here at "overtime. "fast money" begins right now. right now on "fast," oil surge. opec cutting output by a million barrels a day. energy stocks rallying be you the market greeted this news with a yawn we'll break down this mostly muted reaction plus, tapping the brakes on tesla. the stock dropping on margins. do investors need to prep for more selling ahead and later, mickey d's hitting new highs after corporate losses i'm melissa lee, this is "fast

money. and we start off with the sharp spike in oil prices. wti crude trading above the $82 market its best level since late january. benchmark above 85 bucks the move coming after a surprise announcement from opec plus on sunday that the oil cartel could cut output -- would by more than a million barrels a day. energy stocks rallying on the news shares of marathon and apa leading the way. but what does all this mean for inflation, the fed doesn't seem to be worrying the dow up a percent the s&p up, as well. the nasdaq, meantime, finished the day in the red, but ended well off the lows of the session. so, why were markets able to shrug off this inflationary news, tim? what do you think? >> well, i think when opec makes

a move like this, and i think the headlines appear very political, i'm psyched we have paul on, because he really understands the politics behind oil in addition to the fundamentals but when i see the dollar give ground and and ism one of the lowest prints we've had at anybody's lifetime at any time forget two bad months in covid, we're back to 2009 levels. tells me that people aren't that worried about inflation. and if i look at the bond market and the ten-year and the two-year, we're near kind of those lows we're not that far off the extreme lows and equities, i don't know if i'm whistling past the gra graveyard, but 8% lows today so, it tells you that people are not worried about a more aggressive fed, and if anything, the dollar represents central bank differentials, people are pricing in much less fed than they are ecb so, i don't think -- there's a lot to this oil move, but i don't think this signals more inflation ahead.

>> the politics meaning, they want to snub their noses at the west, i mean, what is this, because it's not going to impact inflation, what is the political sort of fallout here if it's not going to impact what the fed -- >> well, the politics, you could make an argument what's going on there? and if you think that russia's trying to do everything they can to get product to the market and they're doing different ways to do it, they're not going to do it through the headline, they are going to do it through product and product's gotten very expensive >> and it's more money for them, right? >> yes >> that, too the war in ukraine >> yeah. and saudi arabia, as well. more money >> welcome back, by the way. >> good to be back >> please, can you welcome her back >> very great to have you here i agree with tim i thought that data was really more important to sort of trump this oil data. i think -- it sort of -- it's pretty deflation their on its own, but if you think about, that's march data, it doesn't even really capture what could

be happening now, as a result of the bank situation >> tighter credit, et cetera >> all of that so, it makes you think, all right, well, this inflation thing is really starting to turn over, therefore, the fed will be done sooner or perhaps even turnaround >> yeah. so, happy days are here again, guy. everything is coming up roses. >> hi, mel >> hi, guy >> missed you. that's true. everything -- absolutely everything is coming up roses. i mean, the worst ism in a generation, what could possibly go wrong and tim is right to flag that. and it was a tragedy of a number, but it speaks to that lag effect that we've talked in. it's starting to kick in now in terms of fed rate hikes and all that liquidity finally making its way through the system and yeah, maybe the inflation battle is over, in terms of hikes, but it doesn't mean the effects of what the federal reserve has done isn't going to continue to be felt. and, you know, that might be great on the surface, because

the fed's out of the picture, but things are slowing down. so, earnings by definition should show down i think the market is opening for the fed to backtrack, potentially cult in the back half of this year, which, by the way, is coming up faster than any of us realize, but on the flip side, the inflationary inputs and we're going to talk about oil with paul, i mean, gasoline prices are slowly back on the rise, and inflation in all the wrong places, wthe song by garth brooks, who is a fan of the show >> hello, garth. welcome. but with all this said, it sounds like from what you are saying, in terms of the picture of the economy and the slowdown that is, you know in the midst of happening, is still yet to come, that we could see oil prices stay the same, maybe even come off a little bit, despite this cut >> yeah, i think at the very least, oil prices are probably stable here. we were talking about energy on

friday and now i think that even underscores that point say you get stable oil prices from here, we've already seen eps revise lower for a lot of the energy names most of that was due to lower oil prices i think a lot of the forecasters, not that goldman sachs is the end all, but all, but they're looking at $95 a barrel here, so, let's say we end up right around where we are today, energy is the cheapest seconder to on an absolute, on a relative basis, i mean, i think that's a pretty good setup here for a sector that's seen really flat valuations for the year, when the rest of the market has moved higher on a p.e. basis so, i would not be abandoning the sector, even if we were to assume the economic picture wasn't that great, so maybe oil prices stay where they are, there's a net effect here. if you look at a lot of names, i talked about eog on friday, holding above that 120 level, that's port. i just think this provides more

momentum i do think we're going to see a rotation back to some of last year's losers, or, excuse me, some of last years winners that have been losers for the first part of this year. i think that's the setup here as we go into the second quarter. >> if the cut provides a back stop or floor to oil prices, that's certainly a good thing, one would hope, if you are an investor in oil, tim, oil stocks, that's a good thing. >> it is a good thing. it's something that if you don't believe that the energy companies can resist item passion in terms of their ability to drill and drill more, i mean, this signals that longer duration oil products are the ones that do best here if you put a floor of some kind under oil, i don't know where that is, as i signaled that maybe this could also be fear of demand, and that's why they move, not the politics, but i -- totally agree with jeff. i like energy here i think energy stocks are always cheap, you know, so, you have to be careful about that. valuation doesn't mean a whole lot. if anything, sometimes, as they go up in waiting in an index, they pull down the index with them

but i think this is about those companies that have some kind of reasonable long-term, you know, project management chevron, even exxon, those are the places, i think, benefit today. >> we had before, you know, in a time when money was cheap, and you can basically fund exploration or at least making old wells more efficient or finding ways to tap old wells, that doesn't exist anymore in terms of that cheap money, so -- >> nor does that willingness to drill as much, right >> exactly >> we talked about how disciplined they are now in sort of not your father's oil companies anymore, and they've been the beneficiaries of that sometimes the stocks haven't, but the balance sheets have, the dealt has. and the valuation -- they give a lot of money back to shareholders, as well. >> yeah. gas prices tick up and the companies are so disciplined now, ie, not drilling anymore in helping the u.s. consumer, guy, put some, again, into the cross hairs of the biden

administration, they're going toll spend money on buy backs and dividends, how horrible. >> well, listen, chevron, when they announced that $75 billion stock back, there was also the peak in the stock in november, the stock sold off from them, climbing back now, but how horrible i get it but listen, in terms of the administration, i hope they took that window of opportunity when crude was trading 65 to at least try to get something back, but apparently, they are unable to, i think, with the whole debt limit thing that they can't get around so, they don't have any money to buy it back. andcrude is going to trade in their face, unfortunately, opec did what they did. they are not our friends, we all agree. but i think the stocks at $75 crude was too cheap. i think the higher it goes, the cheaper they get so, marathon petroleum, mbc, a name that paul gave us, a $60 stock, that made an all-time

high today oih pushed up to $300. you know, that's 65 and seemingly breaking out and clearly warren buffett is onto something so, i still think you staywith the energy space >> i always thought it was the first one, now you're telling me it doesn't matter? after all this time? >> not the o in don, either. >> why did the nasdaq go down, jeff, if all of this is saying that the fed is closer to done and that's what everything points to, why was that the index that was lower today, do you think? >> yeah, that was a bit of a head scratcher to me, honestly i think ultimately, that is going to be the place where investors look to hide out at least to some degree. i think you have to delineate between some of the companies that are profitable and have free cash flow and that don't. but i do think ultimately that growth stocks in general are going to trade better than a lot of people anticipate, because if we are closer to the end of that

rate hiking cycle, if the com economy is slowing down, earnings growth isgoing to continue to slow look at expectations out in 2024, $240 some a share. that's assuming 12% growth next year i just don't think that's the reality, given where we are. so, sure, we had an off-day today, growth's had a run, the nasdaq has had a run, but i think people are going to be surprised to see the names hold up better as we move through the next few quarters. >> yeah, that runup from march 10th to where it closed on friday, it was up about 11%. >> wow >> which is an enormous move, so, i think -- this is just not a big give-back, actually. i shortened some qs, it was a quarter end thing, and i was expecting a lot more reaction today and it was very muted. held in pretty well. >> for more , let's bring in paul, who is ranked as the

number one for independence energy research in 2023. paul, great to have you with us. >> hi. >> way back when, i think it was the end of last year, you predicted oil to 120 sometime this year. i believe it was do you stick by that, i mean, is that even more likely, does it go even higher >> no, that call went wrong, quite frankly. that was because we anticipated more winter in europe and we anticipated a lot less oil from russia so, i think we're looking towards more of 100 now. it was a driving season call, so, the idea was that by memorial day, we would get to 120, that's far too high, i think, based on the economic weakness that you guys have been highlighting so, yeah, 100 -- saudi, the key thing here is saudi with prices and they've basically said 95 is what they aspire to. they haven't specifically said that, but that's the clear kind of led to understand, so, i think that would be the next target, definitely

>> 95 seems like a long ways to go from here, if we are to believe that, you know, there is a push lower by economic slowdown i mean -- >> yeah. >> it almost seems like more cuts are on the table and likely to come, if 95 is the price that they actually want >> yeah, but the -- i mean, you have the natural rise in demand here because of seasonality, you go into driving season in the u.s. you also have a lot of refineries to come back online they're going to suck up more crude, so, the crude market will be tightening naturally, se seasonally and you have to remember that the global demand drive is less economically impacted by the u.s. now days, that's really part of the multipolarity world that we're living in and so china, for example, is coming off a structural covid low, more air travel, that's not going to be too economically sensitive. india is doing great i was looking at brazil demand numbers and they're strong and what's interesting in the case of india and brazil, for example, both of them are having

all-time record oil prices in local currency so, the demand strength globally seems like it's still there and that will be what drives us higher >> paul, congrats on the award i guess the other thing i just ask is, does today's announcement do anything to how we should be investing in oil companies? is this going to change their attitude, their behavior what does this headline mean to investing in the energy sector that's rallied back, but still, you know, people are questioning where demand is. >> yeah, i mean, the first principle is demand. but at the same time, we talked about two puts, again somewhat wrongly. the first put was the saudi put, and that's them essentially here managing to keep the secret, actually, opec they stunned the journalists whose job it is to find out about these things i'm amazed you never normally get an opec deal like this that's such a total secret but obviously the saudi put. but the second put was the biden administration theoretical put they would start rebuilding, as you referenced, the sbr once we

got down to 70, and they simply didn't and that leads to the negative perception now that the saudi put has kicked in, i think that you do have a better valuation support for the names, which, as you say, have gotten very cheap. we thought that when oil was last at 85 they were discounting about 85, but then you had the air drop in oil as a result of the banking crisis, and i think with very low speculative interest, essentially high short interest in oil, very few longs, the saudis decided to step in and squeeze the market back to where they want it, and it's very much for their own reasons, you know, it's for domestic spending reasons they want this high price >> so, paul, in this environment, where are you better off being the legacy integrated names, refiners, the levered names or names within the oih how would you layer into that group? >> this is a tough headline for refiners because you are squeezing the crude market high, which ob obviously squeezes their

margins. and the refiners have been significant outperformers in the energy space we would say it's negative refiners here. the one that people want to buy quite rightly, the most juice particularly international service names like baker hughes, but also some of the domestic service names, because you have to remember that while typically an opec cut is seen as bearish, global oil production capacity really has a problem we really only have growth in guyana outside of opec plus and almost nothing else to speak of. it looks like it will be a $100 market in the future, simply by lack of supply growth. amongst the names, you mentioned oxy and then as you go down the capital structure, the smaller names obviously will do better, so, it looks good for u.s. ent companies. >> we ask you about a pairs trade, paul. so, i'm curious what you would put on -- what you'd be looking at now, given, you know, we sort of have this floor under oil prices a little bit, you know,

and we have a nasdaq that's been up over the past month or so anything new to tell us? >> i think we'll short nvidia. let's say oxy. short nvidia long oxy >> good one. >> paul, thank you >> pleasure. thank you. >> guy's laughing. do you not like that trade >> no, i love -- i love it actually listen, you know what i think of paul first of all, it's better to be number one than number two, and he's number one. second of all, he's done this, like, three times and he's been spo spot-on every time i'm with him 100%. >> jeff? >> yeah, i'm with him, too, in the sense that, you mentioned the nasdaq earlier you've had some of these names that have had huge runs.

nvidia is one of those names, so, i wouldn't be surprised for some air to come out of that balloon. and like i said, i do like the energy space here. i think between some of the positioning, if you look at the way cta, oil speculators are positioned, they were short coming into this, so, i i you co think you could see a move higher you probably get little response from u.s. shale. you have support there and the valuations, i think, are attractive, so, you let a little bit of air come out of the moves you see in the nasdaq, you see rotation to the names over the next couple of weeks i like it. >> i'm a pairs trade disciple, as well, i was early on that nvidia short, around 2:35 and got -- i should have waited for -- had i known he was coming on the show. but i -- i do think that we have a backdrop where special oil services, you can see the investment, you can see what was already starting to happen, the outperformance of oih, even in the difficult tape we had, are tech multiples too high here

>> yes, they are but until they stop outperforming the market, they're going to go higher >> sticking with your qs short >> i am. i do love paul's trade, but he comes on and he has these sort of, you know, buy disappointment and short excitement >> yes that's a good way of looking at it >> and they converge often interesting. >> contrarian. coming up, tesla's electric slide. the ev maker reporting delivery numbers. so, what has investors unplugging from this one the details ahead. plus, a retail revie sal shares of macy's ripping higher. what investors see ahead for the stock when "fast mon" tus.eyrern i got the desert air, sun-kissed pools, and shady hideaways. i'm looking for someone who can decide on a friday night that a one night commitment is a fine idea. what do you say? meet me at hotels.com lily! welcome to our third bark-ery. oh, i can tell business is going through the “woof”.

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you can almost feel the drag when people walk by with their phones. oh i can't hear you... you're froze-- ladies, please! you put it on airplane mode when you pass our house. i was trying to work. we're workin' it too. yeah! work it girl! woo! i want to hear you say it out loud. well, i could switch us to xfinity. those smiles. that's why i do what i do. that and the paycheck. welcome back to "fast money. shares of tesla falling 6% as delivery numbers came in at the lower end of estimates, but still at record levels the relative softness prompting analysts to predict more price cuts and a squeeze on profit margins. shares still up nearly 60% so far this year. it feels like it's not a surprise that there will be a squeeze on profit margins, and that's exactly what people thought when they announced the price cuts to begin with, guy, so, is this just about, you

know, selling something that had gained >> listen, to tesla's correct, i mean, a couple -- maybe it's four, five months ago, they said their margins, which were north of 22%, would get more in line with the legacy automakers, which i think are probably around 16% so, they probably have told you they're going to come in around 18%, 18.5% so, i think the street should have expected that but how do you trade the stock is really what it comes down to. march 13th, it goes down to that 165 level. we bounced we were not able to take out the recent highs of 217. i happen to think you're in no man's land now until they report earnings in a few weeks. i right here, at 195, i think you're flipping a coin in terms of trading the stock in earnings >> jeff, what do you think >> it's -- it's always amazing to me how the news aligns with the technicals, and i've been looking at this 155 to 205 range and now it's fading right at the top of that range, and when i

look at the stock this year, i mean, the stock has doubled, but so has the p.e. multiple it's gone from 22 times to 44 times, so, then the question is, well, what precisely is the right multiple and obviously i don't know, but i think a lot of this year with a stock like tesla has been this flight to all things growth, not just quality growth, and falling interest rates so, i think when you still have a backdrop of, yes, good record deliveries, that's a check in the positive column for sure, but there's still questions about demand i think especially in china, given the reopening boost that may be inflated some orders there, just the overall macro environment. i don't think the 44 times multiple holds up. so, i agree with guy maybe you trade it, but you wait until it gets back to the lower end of that range. >> i agree with the guys it just seems to me that this p.e. multiple, 45, whatever it is, is not pressed for in-line in-line doesn't get it done, or even slight ly less than in-line doesn't get it done.

so, to me, it's that simple. >> well, it's priced for mass market already on some level on model 3. and on -- i mean, this is where it's supposed to be going. also, price cuts, i think tend to hurt tesla more than they hurt even the other -- those folks in ev land chasing them, so always, you know, to me, is about valuation now, for me, at another time, it was a balance sheet question, it was even a transparency and compliance and governance question. to me, there's no way -- it's a car company. it's a car gcompany. >> here's what's coming up next. >> the detail in retail. analysts seeing big things in store for macy's so, is this name worth a checkout plus, time to get real why our next guest says investors should brace for a reality check. the setup ahead of earnings season, next you're watching "fast money," live from the nasdaq market site inim sar tesque. we're back right after this.

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welcome back to "fast money. shares of macy's topping the tape, ending the day up nearly 7.5% this comes after jpmorgan was upgraded to overweight, and a clear confidence in the company's fiscal near top and bottom line plan analysts bumping their price target up a buck to $29 a share. they set out a plan to revamp the business a few years ago, karen. i guess it's working, according to this analyst. >> it is working they talk about a number of drivers. they've had a lot of store closings, i think 10% of their store base they've had some new initiatives, they've had -- we

saw that they were sort of tough on pricing with some of the wholesalers. we saw that. they have some off-mall stores now, and then they also have macy's media network, and so, they have some advertising revenue. normally, i don't like a call that expects or hopes for a multiple increase, but this multiple is so ridiculously low, you absolutely don't need it one other thing, they've done a fantastic job of really shoring up the balance sheet it's in very good shape. cfo did a great job of refinancing early last year. they have done a good job. this is not a crazy call at all. 11 bucks, upside from here, is not crazy and it doesn't get you -- you don't need frost to get there. >> it's two times 2024 ebita it's crazy cheap and outgoing ceo has done a fantastic job during a very difficult time and a lot of this was, you know, remember, we talked about how covid forced this existential look in the mirror and fast

forwarded a restructuring process. it also gave a lot of retail really more malls, but macy's in some sense, a chance to restructure a lot of bad leases. but if you think about the real strength and the road to success for macy's, it's been around operational efficiency, that's one of the big notes, and the other dynamic is utilizing dimgal and technology on merchandising and, i guess that's also operational efficiency they have underperformed nordstrom's this year, so, i think you stay in there, if nothing else, as a pair strength >> if macy's the winning, guy, who is losing? >> that's a good -- i mean, kohl's is clearly not -- i don't know, really, because some of the stocks are just -- i wouldn't say that macy's is winning, i think macy's, the stock, is tradeable from the long side. i guess if that means winning, then good for them, but i think it is just a valuation thing, as tim and karen pointed out. you probably get pretty close, if not north of that $29 level, so -- it was a $24 stock, i

think, in january, fitted down to $17 by the way, not that it matters, but where is this stock trending, 18 1/2ish? that is the same price it was in april of 1997. it's moved significantly since then, but it's gotten you nowhere over the last 25 years you trade it and i think from the long side. >> jeff, would you look at this? not in a -- in macy's. >> i've been in a macy's, but it was probably, you know, 20 years ago. i can't remember the last time and that's sort of the point here with me we've talked about this a number of times, where do you want to be in this market? and it's kind of low end dollar store or higher end lulu, nike we've seen the big moves in lulu, we talked about not chasing it i still like the lower end dollar stores. but macy's falls somewhere in the middle for me. it's trading at five times when you are citing risk/reward, it's a low risk call here to say the stock could move higher.

it's a little bit boring and kind of broken recordish, but i think when you have tightening credit conditions that are going to continue to tighten, i think it's going to put stress on the labor market, so, i just think the near term macro picture puts this story at risk and i think technically there is a little bit of wood to chop to get to 29 i look to 20 as that next level of resistance. if it moves above it, then maybe re-evaluate, but those are the levels i'd be watching coming up, is it time for investors to come to their senses why there's a reality check ahead of earnings season we'll lay out what to expect don't go anywhere. more "fast money" in two what do you see on the horizon? uncertainty? or opportunity. whatever you see, at pgim we can help you rise to the challenges of today, when active investing and disciplined risk management are needed most. drawing on deep expertise across the world's public and private markets

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welcome back to "fast money. another check on the market today. wall street shaking off opec plus's surprise cut. the dow rallying, seventh positive day in eighth the s&p closing higher the nasdaq lower, breaking a three-day win streak take a look at lows. b of a adding the home improvement stock. the hardware retailer up 2%. banks, the kre falling over a percent.

new york communitiey bank leadig the way lower. and shares of amc, amc is always moving it's moving in the afterhours, 23% lower, in fact theater chain operator settling a shareholder lawsuit by agreeing to pay the plaintiff in common stock which is not -- i mean, that's -- is that really a win anyway back to kre. tim, you were just remarking about the chart. >> yes and it doesn't give you any sense that we've worked through any of this. and i think, unfortunately, until we do, you know, you're going to have this thing the market is betting that the fed will pivot and that there will be no recession today's ism in manufacturing told you very clearly, we've known manufacturing's been in recession for a long time, but it tells you other leading e indicators are pushing in that direction. i hate this chart. it's concerning. we're going to get bank earnings, they are not going to tell us, this because some of

this is structural, some of this we don't even know unrealized losses are things that we won't realize until we have to realize them >> we have that, we have tighter credit, less lending from the regionals, potential regulation coming down the pike, we've got an economy that is slowing down. >> right those -- the to potential regulations, because if the fdic has to step in like they've had to so far, they're going to exp extract a pound of something or other. we still don't know the outcome of some of them, so, i think that could be another sort of ripple effect. and then tighter credit. and some of them have lost deposits, even if they survive and they're fine -- >> some of it is not going back. >> some of it is not going back and they're just smaller a lot to not like. >> jeffrey, have you been tempted? i mean, i've been away for a week, so, i'm not sure what -- >> other than him shopping at macy's >> definitely not at a macy's.

were you looking at any of the regionals? >> ah, no, not really. and we've talked about the banks for a long time and it's just generally not a place i've want to be over the past number of quarters and i obviously didn't forecast what happened. but at the same time, when you're in an environment where interest rates have risen as fast as they can, to tim's point, the ism is trending lower, i just think being exposed toen banks and cyclicals in general is not a greatplace to look for outperformance one thing i'll point out very quickly, it speaks to some of the market leadership and where you want to be, i was reading a piece from chris ferrone, and he talked about the different market leadership than february. he mentioned discretionaries versus staples, transports versus utilities, nall versve s large. all of those were risk on. now it's the opposite. you are starting to see the leadership foreshadow some of if economic issues we're talking

about. i just think it's worth noting. all right, our next guest is bracing for more trouble for the banks. julian, great to have you with us you heard the conversation we've been having. and you also agree so, how does that sort of man any fest, can it stay isolated within the sector of the regional banks, or how does that sort of spread into the rest of the market >> look, likely it doesn't tim made the point of today's ism. ed high maunyman has been calli recession in a number of months. if you think about it, right, a year's worth of tightening and we got this crisis that started in march, and frankly, if you think about all that tightening, to us, it's likely only the beginning of the effects of the tightening, rather than the end of it. and so, we do think there's probably more to come. and in that respect, if you're going to have a recession, even

if it is mild, we think stocks will bear the bankruprunt of it there's been a lot of runup in the nasdaq, we think top line is going to be something that coming into earnings season might be called into question in a softening environment. >> so, you are pairing that, strength and momentum in the nasdaq with a word you've made p up, i don't know if it's going to catch on. small caps and value, momentum -- what is this >> it's both large and small cap, today, we added to our offerings in terms of thinking about the small caps, which actually have a larger than normal waiting towards the more defensive sectors, including health care and energy, which we think makes a lot of sense right here but basically, what it does is, it gives you the put option protection through high free

cash flow, if the fed's going to keep going, it looks like we're going to get one at least in may, if the economy turns down, as we expect, or importantly, if there's a credit crunch. you're protected with free cash flow and then the optionality of it is, in the environment where earnings estimates have been coming in across the broad spectrum of stocks, these stocks are still having upward revision that's a good thing. >> so, by the way, get valmentum sweatshirts printed up, i'll wear them. >> hash tag on twitter >> i hear you on relatively cheap companies that have free cash flow, all day long right now, but when i hear value, you know, value and momentum in the same -- value stocks can never be momentum, in other words, value stocks are -- momentum stocks are momentum. high multiple stocks are momentum value stocks will never have the momentum >> well, except for, if you look at last year, you had that period where energy constantly

had momentum -- >> energy. >> and if you think about what happened, right, we marked all obvious expectations down, frankly, we haven't had a client call to talk about energy in well over two months and then lo and behold, the oil price started trading better in the last several weeks, and we have today's bolt out of the blue to us, we think you don't fade today's strengthens in energy stocks, we think you add to the positions. >> appreciate the effort with valmentum, julian. thank you for coming on. good to see you. julian emanuel guy? what do you think of his picks >> well, i love energy you as you know, and i like what he's saying and, you know, julian came on a month or so ago and said, listen, we have not felt the lag effect, and one of the reasons it's taking so long, all the money that was sloshing around in the first place, but that started to come to fruition. and he mentioned that tech might be a little vulnerable here, i

agree. technology is one of the most cyclical areas, and both things seem to be trending the wrong way. did you say the plaintiff in this amc thing got amc stock >> stock which is down 23% afterhours >> i mean, clearly -- >> unless it was -- >> well, is it down because they're not allowed to go through with the plan? >> that i'm not sure >> okay. >> but if you get the stock -- >> be careful what you wish for, i guess. >> exactly, exactly. well yeah, guy. >> need a new defense lawyer it's crazy clarence wasn't representing those cats, clearly. >> oh, they're settling. so, there wasn't a verdict okay coming up, we'll check up on united health. shares are feeling good today. can the rally last we'll hit the options pitch for that trade next. and don't not miss "last call" next the starbucks worker that ignited una ion movement

that's on cnbc at 7:00 p.m much more "fast money" right after this break erience. you get listening more than talking, and a personalized plan built on insights and innovative technology. you get grit, vision, and the creativity to guide you through a changing world. ♪ i know the markets have gone up and down, but you're right on track to reach your goals. my ameriprise advisor helps me feel confident about my financial future. he knows me and my goals. it's not the first uncertain environment he's helped me navigate. probably won't be the last. but with his advice, i know i'm on track. the plan we created can withstand uncertainty. no wonder clients rate us 4.9 out of 5 in overall satisfaction. because advice worth listening to is advice worth talking about.

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we'll be digging into ways to create a more sound economic future for all register at cnbcevents.com or scan the qr code on your screen. united health shares moving more than 4.5% higher today for its highest close since mid-february the move coming amid reports that millions of people could lose medicaid coverage options traders betting there could be more upside for the stock. mike khouw's got the action. mike >> yeah, so, unh, we saw over three times the average daily call volume trading in this one. one of the bigger trades that i saw was a purchase of the april 515 calls, a block of 600 of those trading for just under $2.70 a contract buyer of those calls betting that the pop that we saw today could continue we're going to see another 4.5% or so upside by april expiration i should point out that april expiration will also capture earnings, which, they are going to be reporting on the 14th. >> tim, you were watching this move >> i'm long unh, and this is the gift that keeps on giving.

this company has a management team that at least has the market believing they're going to grow eps 13% to 15% over the next five years. they're so well-positioned and diversified across the health care space and have exposure to some of the faster growing parts, pbm it explains why they defy their own valuation. so, you are buying weakness here, if you get it. >> mike, i'm sure you remember, charter braxtonworth, didn't he call this chart god-like or something like that? it was one of these terms that you rarely here carter use >> other than talk about mike. >> he did say that and interestingly, to tim's point this is a company that is typically traded at a premium. right now, it is trading at about the same turn. this is a name we hold just under 7% of the portfolio in unh. definitely a name i like, as well you don't usually get it at this type of a turn >> mike, thank you for more options action, next friday, we're off this friday,

next friday, 5:30 p.m. eastern time. coming up, the golden arches make an unusual move as it preps yos.laff we'll bring you details on the mcdonald's trade, next stick around more "fast money" in two

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welcome back to "fast money. we've got a news alert on j jpm jpmorgan what execs knew about jeffrey epstein. eamon? >> melissa, that's right the u.s. virgin islands have filed new allegations over jpmorgan's relationship with disgraced and now deceased sex offender jeffrey epstein in this new document that was filed just a short time ago, in the ongoing court case, there are large new allegations, chunks of allegations that are redacted so, we don't know exactly what a lot of this new information in this case, but seems clear that a lot of it is coming from mary erdos, the head of the wealth management division at jpmorgan, who gave a deposition in this case recently. they cite her by name in this

document but huge chunks of this is redacted, just blacked out you can't see what the allegations are at all but however, a couple of new details visible here, they are saying in this case that jeffrey epstein's contact was well-known inside jpmorgan, at the time that jpmorgan had its banking relationship with epstein. they say his behavior was so widely known that senior executives joked about epstein's interest in young girls. another detail here that appears to me to be new, at least new to me, is epstein's relationship with jill lain maxwell and the banking relationship that those two shared, the financial relationship that those two shared, epstein transferred more than $23 million to ghislaine maxwell between 1999 and 2002. so, you get a sense of the volume of dollars that were being moved in and out of epstein's accounts here. so, there will be a legal fight over these redactions and how much of this new information can become public, but as of right

now, it is all under seal, melissa. >> all right, eamon, thank you, eamon javers meantime, shares of mcdonald's closing on a new high today, even as the company prepares to lay off workers. the fast food chain closing corporate offices in the u.s. with plans to inform affected employees virtually. kate rogers joins with the details. kate >> melissa, mcdonald's set to inform corporate workers of layoffs earlier this week. a memo says it istemporarily closing offices to deliver this news the news was first reported by "the wall street journal kws the email states, we want to ensure the comfort and confidentiality of tour people back in january, cnbc reported job cuts were coming as the company sought to refocus. the ceo told employees this was designed to innovate more

quickly and efficiently. he added at the time that certain initiatives would be halted and deprioritized, noting the organization was siloed and called that approach outdated. he also said the pace of restaurant openings needed to be accelerated to help capture the uptick in demand that mcdonald's has seen over the last few years, including during the pandemic that's echoed in an email from hr executives, understood scoring the need to, quote, shift from legacy mind-sets to new behaviors. and as you mentioned, investors liking that news the stock closing at an all-time high today back over to you >> kate, thank you jeff, do you like mcdonald's here >> yeah, we talked about restaurants about a week ago, and i said i generally don't like restaurants i think weakness there is ahead of us, but mcdonald's is on the expensive side, but look at the chart. tested the 200-day, working out to breaking out a new high so, their particular business is well positioned for where we are in the economic cycle.

>> yeah. guy? >> we loved it for awhile. tim did a shoot for mcdonald's five years ago >> the technology. >> technology company. and that's right look, valuation has been a concern for -- since we started doing "fast money," but it hasn't stopped the stock we loved it. i love it, i order 23 cheeseburgers from one of their establishments years ago and there's clearly -- >> how did that go >> stay with -- well, it was great going down, mel. back tyoo u. >> all right we'll leave it at that up nexting final trades. i love to help people understand the world through their lens and invest accordingly. you can call us christmas eve at four o'clock in the morning. we're gonna always make sure that you have all of the financial tools and support to secure your financial future. that means a lot for my community and for every community. how do we show strength and stability?

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time for the final trade guy? >> welcome back, sergeant. lockheed martin breaking out lmc. >> jeff? >> eog resources, my final trade on friday. it's my final trade today. i like that close above 120. i think there's more to go >> tim >> 100 bucks if you can name the movie he was referencing

"stripes." >> where's my 100? >> no cheating with united health care. >> karen >> welcome back. we like the babysitters, but you are our girl qqq, feel like it's gone too far too fast >> great to be back. thank you >> my mission is simple, to make you money. i am here to level the playing field for all investors. there is always a --, and i promise to help you find it. mad money starts now. hey, i am kramer. welcome to mad money. just trying to make some money. my job is not just to entertain, but to keep. so call me or tweet meet