tournament and made a hole-in-one. >> he finished 15th but one over for the tournament very good. >> 15th place finish $300,000 which is about what you'd have to do -- >> he dunked that hole-in-one. it didn't bounce and roll in >> he said i enjoyed the hell out of it. welcome to "closer bell. i'm scott walker at the new york stock exchange the make-or-break hour shares lower not having a d dramatic impact on the markets here is your score card with 60 minutes to go in regulation. s&p 500 trying to close above 4, 4,200. helped by a nice day from the communication services sector.

median names rally, new news from meta. new high from alphabet, up for four straight weeks. that takes us to our talk of the take the mega cap meltup and what, if anything, can stop it. let's ask eric woodring. he covers tech for apple fror morgan tanley. a remarkable run a downgrade of apple by luke capital. they see the company missing the quarter in revenue what about you you share any of those same concerns >> i think it's too early to call the quarter it's may 22nd. we judiciously track supply chain data points on a weekly basis. if my perspective we haven't heard similar concerns when it comes to builds or reduction in build forecasts. so steady as she goes.

again, we're in an environment where demand is challenged by the macro. but for apple, it has been much steadier, much more stable for a number of other companies. >> they were talking about both iphone and overall if you look at iphone, maybe one of the surprises in the recent quarter was how robust that business remains, returning to growth in the quarter from a decline of the prior quarter how would you assess where the iphone is today and maybe some of the concerns that you might have on smart phones overall >> sure. just remember if we go back to the december quarter for apple, there were supply challenges so the march quarter did reflect some of that demand that was deferred from the december quarter and captured in the march quarter. overall bills have remained steady what i would want to point out for apple is emerging markets. we wrote about it last week, something apple has continued to

hit home on maybe the last three or four earnings calls if you isolate seven emerging markets, india, indonesia, mexico, vietnam, collectively they saw iphone units grow about 55% year-over-year in the march quarter. if you take everywhere else in the world, units declined about 5% year over year. i don't think we can ignore the emerging markets story anymore those companies are still call it 10% of iphone shipments it's not the majority but it is growing quickly. there's some stability in emerging markets clearly when you look at home, we need to parse through some of the challenges that different regions are going through. the u.s. with the debt ceiling europe from a gee or political perspective. that's the lay of the land as i think about the iphone today. >> iphone accounts for the lion's share

services are so super important as well. i'm curious how you would read through what's happening there after a period of remarkable growth where you're growing double-digit percentage points then you cut that in half, it's step-back. where are we today >> we're in what i call the troughing period services are still growing, let's call it low double digits. we think of services and constant currency as a mid teens. it's undergrowing what we think the potential of the business is, but that's partially what i would call cyclical. certain factors like digital advertising, that is challenging the current environment. the other factor is the app store. the app store is the biggest part of apple services business. if we look back over the last two to three years, that was a business that grew tremendously over the run rate we would think of we're seeing a bit of digestion

in spending today. that means it went through a strong period of demand. we're seeing some of that being digested today we do think in the june quarter services accelerate by about a point versus the march quarter then you see a more significant acceleration into september and december with the dollar becoming a fairly favorable -- relative to a 5-plus-point headwind over the last few quarters. >> ai comes to mind. the app store, as you mentioned, chatgpt for ios is number one in the app store the moment it's avai available. what's the real world opportunity for apple in ai, or is that too early to assess? >> i don't think it's too early to assessment we know 1.2 billion users. we think of this as being the

technology platform that controls our lives we have not just the applications on our phone, our contact information, our transaction information, payment information, location information in some cases. that's where apple's strengths lie. you can imagine apple using generative ai is going to take advantage of that. now, do we know exactly what apple is doing today no they haven't been as vocal as some of the mega cap technology peers. there was an article last week that apple was working on something internally i think that should be the base case for any investor. even if apple isn't saying anything publicly, to say they're working on technology. know they haven't always been the first in technology introductions in the past. apple is trying to understand how this market is developing, how regulation is developing and how best to monetize ai and then make sure that when they do come out with a product, that that's something that actually becomes

a p and l contributor. >> is it fair to say, of all the stocks you'd put in the so-called ai basket that apple really has yet to see the same kind of stock bump that some of the others have. this stock was already on the r run. the more pure players in ai have had a significant bump apple feels like it's just getting started in terms of the stock reacting to the potential of what ai can be. >> i think that's true i don't think the stock has moved on ai headwinds at all apple is a relative safe haven, the best house in a bad neighborhood when there's a lot of macro uncertainty in the world. you know what you're going to get. apple has a competitive moat that has not been diminished again. the iphone is the most important technology in a consumer's pocket today there are three key factors the market is coming to realize more

so gross margin tail winds. we talked about services reaccelerating and then the third is just iphone returning to growth next year those are powerful forces when it comes to the potential for profitability. i'm about 10% above consensus for eps in fiscal '24. this could be the market looking towards that direction and saying numbers potentially move higher if we move away from this more challenged micro environment into a more normalized environment. >> speaking of numbers moving higher before i let you go, 185 is your price target we're awfully close. you watch it as closely as everybody else does. are you tempted to bump those numbers up >> i'm tempted to follow the data i look at right now the data is very stable there's going to be future catalysts such as wwdc, the developer conference june 5th where apple launches the first arv or headset could that be a potential

catalyst we'll have to wait and find out. i would point to our $255 bull case scott, last time i was on we talked about apple's shift to subscription and the market viewing aping from a subscription-like lens i wouldn't put that out of potential and look at apple at 180 today. >> we have plenty to talk about in the months ahead. erik, appreciate your time see you soon >> thank you. adam parker is with us, ceo of try variate research. of this mega cap mania, it's pretty remarkable. not much seems to want to stop it are you concerned about it at this point >> people are more dovish than they were at the beginning of the year two is the relative perception of safety that they have in terms of earnings estimates. if everything is way too high, maybe only a little too high the third is ai. all those things are real and i think they explain the returns

you mentioned up top of the hour what's the catalyst potentially to get them lower. it's probably in order people getting the wind that the fed is more hawkish, maybe they'll pause longer that could probably bring in multiples in a little bit. if you get a slowdown in earnings in july, i don't think any analyst can call builds on a one month out for a big company like that. the problem with apple, returns are 80% explained by macro factors. b, it's a 28-variable problem and they're trying to isolate to one. it's hard to call apple's quarter on a consistent basis. >> you gave the reasons why you think the stocks continued to run to explain why they're up. do those same reasons, quote, unquote, explain the valuation, or is that an area you would

take issue with? >> i think every stock, and we've been talking about this for a while. it's either going to be benefiting from ai, impregnable to ai or destroyed by ai that's it. the wrong thing in the market is to say i want to buy the cheaper stuff and short the expensive stuff. in essence what you're going to be doing is longing companies vulnerable to destruction and shorting stuff that's either impregnable -- i don't think you want to say, oh, i don't like these stocks because they're expensive when they're benefiting or impregnable to a major trend that's going to last for many years. >> i want to ask you about the debt ceiling and the impact on how the market may react >> sure. >> before i do that, there were new headlines coming out of washington, d.c., our nation's capital. kayla tausche is down there ahead of the 5:30 meeting between the president and the speaker. >> reporter: house speaker kevin

mccarthy spoke to reporters this last hour following a meeting between his deputies and white house negotiators that wrapped earlier today ahead of the meeting between the two principals that will happen at the white house. mccarthy told reporters he thinks it's possible to get a deal as soon as tonight or later this week but says a deal would have to happen this week to pass the house and be taken up by the senate after memorial day before that june 1st deadline asked to reiterate he believes it's possible to get a deal by the june 1st deadline, he said it's possible. he also said in order for a deal to be made, decisions have to be made certainly there have been high level decisions that have not been made thus far in the talks, notably how much to cut federal spending by and for how long in order to get a deal, the two sides will need to agree on a top-line spending level and then get down in the details after that we're not there yet, scott

that is something that we're watching for later today any progress in the right direction from the principals will certainly be a move in the right direction. >> kayla tausche, thank you. let's game this out. how are you thinking about this? some suggest it's not so cut and dry, that it could be a sell on the news do you think there's a risk of that in any way? >> in any way, sure. the last ten times the right thing to do was not worry about it if you really think about it, there's only two possibilities one, massive, immediate austerity or, two, raise it. which one do you think is a higher likelihood? >> the deal is going happen, obviously. it's going to get potentially messy in the interim. >> every time. historically what's happened is the market goes up on the resolution more than it went down being fearful about it. i think that's still the base

case your question is possible depending on the message not on my radar screen right now. there's a one-way answer to the question ultimately it doesn't matter they have to raise it. >> we were talking about certain things that could derail the mega cap trade what about the idea being put forth of a so-called hawk kish pause where they pause in june but lead you to believe that they could easily go in july or thereafter exclusive interview on this network, neel kashkari seemed to put forth with that. jay me d jay m . >> i guess my bias is to agree with that. i think probably what's in the price, if you look at what's in the price, it's probably more dovish than what's going to unfield. the simple logic is simply

looking at unemployment and cpi. those two look very high i think the unemployment cycle is not going to unfold this cycle the way it did in the past we have a shortage of low-end workers across the board in a number of industries i don't think the unemployment rate would normally be this low in prior cycles. if you see risk reviewed skewed one to the other risk/reward is more hawk kish. we came in saying we're bullish and everybody is bearish i think we're get together the point where you get more worried about the market because the risk-reward on the fed is negative happening where everyone is starting to get more bullish because they can't stand that they missed the rally. >> dimon is saying, it's not only we have to get our arms around the idea that rates will go higher, markets have to get their arms around it, too, which is essentially what you're saying feels like rates have been going up almost every day. you have four different parts of

the curve are above 5% one month, three-month, six-month, one year. >> it's hard to make a bullish equity risk premium argument i think that's been a hard argument i think the bull case is simply, you think the trough in earnings is being put right now you think earnings will start growing in '24 versus '23, that they'll probably grow after that as you know, you always, always sound dumber when you're bullish. that's the counterargument we're at the trough now and don't see it maybe they pause and raise one more whatever it's still near the end. that's why growth assets are up. if i'm being tactical, i'd say i think people will end up more hawk kish. i'm getting more worried about the market we get to 46 and change before we get below 4,000 again i don't know. >> as a former semiconductor analyst, i want your take on that news today out of china

related to micron. how does that make you feel about not only that stock but that space right now >> it's a little bifurcated depending on your end market was it 10% china, plus or minus in revenue probably not all of that is the exact space being targeted you can create the argument -- stocks rallied off the lows of the premarket. >> talking about whether the chips banned in one area versus infrastructure but not in mobil or pcs. >> right >> just to make sure we're on the same page. >> right sorry. i should have been more clear. i think ultimately there's just nine or ten semiconductor companies that just benefit from ai and have big technology moats on top of that when i look at that, impregnable or destroyed by ai, there's a list

nvidia, amd and others will benefit. i'm seeing people take their numbers up i thought they would use 100 million, maybe it's 500 -- in a market where i'm trying to find relativest maegts that can be too high or too low to make my positions, ai numbers are coming up i don't know if i want to get too negative on semis. micron is a memory company, built tremendous excess capacity, everyone knows that. >> let me ask you this and i'll let you go >> i'll stay all day. >> if you were still that analyst, nvidia reports on wednesday in overtime here given the run it's had, given how bullish most are on ai, i'm sure you have a strong buy or outperform and rightly so. how would you be thinking about that going into the number relative to the big number that's the stock price and where the valuation now is >> ceo, i don't want to speak out-of-pocket. it's been a long time since i

interacted. >> you've seen it. >> i think he's done a pretty good job of comforting investors on the call. unless the numbers really decline, he has the ability to position the company well when he speaks. so i wouldn't bet against it but who knows? i look at whatever, $775 billion market cap, yeah, it's super expensive on today's earnings and next year, are you sure it's not worth $2 trillion in ten years? i'm not. it's real and happening now. i don't want to short that personally >> we'll make that the last word good talking to you as always. >> tr vi rnchtstrivariate's scor let's get a check on top stocks to watch right now as we

head towards the close kristina partsinevelos is here with that. >> foot locker is deep in negative territory following friday's 27% drop. right now there's at least 13 analysts that cut their price targets after the company's weak results from last week citi downgraded the stock to neutral saying they expect full-year results to be even worse than foot locker's lowered guidance shares down 30% in the week and down almost 8% right now draftkings is getting up grated to buy at u bs analysts hiking the price target to 30 bucks a share from $19 citing higher revenue growth draftkings has been on a tear in 2023, almost 130% year to date scott. >> kristina, thank you we're just getting started right here on closing bell up next, jpmorgan holding its investor today company ceo jamie dimon taking

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jorp holing its investor day. ceo jamie dimon commenting on where rates could be headed from here our lesley vicor is there. >> dimon going straight to q&a urging the audience to be prepared for higher rates and tighter credit. >> you're already seeing credit tightening up. the ease yeflt way for a bank to retain capital is not to make

the next loan. so i think you are going to see that i think everyone should be prepared for rates going higher from here. if 5% is not enough in fed funds -- i've been advising this to clients and banks -- you should be prepared for 6, 7. >> dimon says there will be a credit cycle predicting it to be, quote, normal and will probably be real estate. he spoke a bit about the impact of more stringent capital rules and monetary policy. >> we haven't been through quantitative tightening. i've been quite concerned about that i'm probably more concerned a about quantitative tightening than anybody in this rooms we've never had qe or qt before. it just started. >> succession was a key topic at the end of q&a when asked how much longer he plans to be ceo,

he chuckled probably 3.5 more years. ad . >> than, leslie. kashkari and bullard both weighing in on rate hikes. we'll break down prediction, what it might mean on the market jpmorgan's gabriella san toll la joining us stories of influential aapi business leaders which is visio ceo and founder william wang >> this is a place where everything is possible after college i thought of my first career as a technical support engineer today i run a multibillion dollar corporation 20 more years later we sold millions of tvs. two years ago i took the company

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treasury moving higher after hawkish commentary from two fed presidents today signaling the possibility of more interest rate hikes ahead this as stocks try to hold on to their earlier gains with investors bracing for the latest meeting in d.c. on the debt ceiling duel, that at 5:30 joining us is cab ella santosa jpmorgan asset management. good to see you. >> good to see you >> react to what jamie dimon is saying at investor day i know it's difficult for you, same company fed rates going higher, the message is be prepared for interest rates going higher. >> we were thinking there was a

chance of that happening before march happened i think fed officials also said there was upside to their 5.1% mid-point forecast before then but we've now added the second wave breaking economic growth and inflation through credit tightening we do feel fairly confident that may was the next rate hike and the next move would be a rate cut. i think as a risk manager, bank ceos, other ceos need to deal with multiple scenarios and multiple possibilities to stress test their portfolios. thinking about economic fundamentals, we think the direction of travel is for lower yields the recent move higher, the 30 basis points we've gotten over the last couple weeks in the two-year and ten-year, it's a gift it's a gift to add duration again and be able to benefit from locking in the higher rates and capital appreciation rather than sitting around on too much

cash which has seen $800 billion of inflows this year and a dangerous place to be going forward. >> one gift in one part of the market can be a potential problem in others. is are the comments a reminder that the fed might be far from finished >> i think if yields continue to move higher, you might continue to see some pressure in some parts of the market. you started to see that last week with defense. we think that's one of the reasons utilities had a negative return of 4%, was the fact that you had a 30 basis point move higher across the yield curve. ultimately our view is that's kind of capped everything we hear from investors is how bonds are back and everyone is waiting for those move higher in yields to add duration there's a cap, a limit to how much higher yields go. we feel comfortable adding

duration but also having exposure especially to defensives even on the equity site. >> even if rates are done going up from here because of the 30 basis point move, if they sit here, the competition that presents to equities remains it just doesn't become more dramatic, right? >> absolutely. >> we think the excitement for us especially on the u.s. side is really in bonds it's in fixed income this year there's so much to be gained from locking in these yields and from the potential price appreciation as yields continue to fall. you could be talking about over the next 12 months high single-digit returns from boring things like treasuries and investment grade if you're extending duration at this point. within equities that's why it leads us to a lot more enthusiasms overseas we wouldn't snooze on the positive developments in europe, in japan, and our expectation that emerging markets start to turn around.

flows are reflecting that. seeing outflows from u.s. equities, inflows to international. >> what gets you excited about u.s. equities? >> for the u.s. the excitement is the reset in valuations that we had such a better starting point versus late 2021 when our message was expect 4% annualized return from here we now expect basically double annualized returns from u.s. equities that's an exciting improvement the second two is really more structural changes, some long-term themes the first is already receiving a lot of attention around ai and how that benefits semiconductor developers and also semiconductor manufacturers, how that helps the hardware and software space and also consumer-facing applications there's a second one we're also

really interested in that's more on the value side. that's this idea of a rise of industrial policy, a rise of big action items from the government, if you think about the ira, the chips. >> is it difficult in your role not to want to chase the move in mega cap and all the hype around ai clients and customers are like this is where the action is, the stocks continue to go up in the face of rates going up, so maybe we should be more geared towards that area of the market. to that conversation, you say what >> we do always, when there's a big move in the market in a specific sector, specific companies, we take a look. is that actually justified by

fundamentals and valuations, meaning is that ustainable >> do you think? >> we think it is a massive development akin to the rise of the personal computer in the late '90s where that disresulted business, created a productivity boom and these huge mega cap winners. in that sense we would be excited. where we'd be concerned, if this started to turn into a pets.com type of situation. by that we mean every single company that mentions ai gets a boost, that's reason for concern. >> maybe we're not that far off from that. >> we're not that far off. differentiating what's real from what's just sugar high. >> gabriella santos jpmorgan asset management up next, kristina partsinevelos is standing by. >> as my colleague melissa lee said, weight loss is the ai of

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we're working on 20 to go before the closing bell. kristina partsinevelos is watching the stocks you need to pay attention to >> pfizer.

pfizer is higher today on optimism around a drug candidate. data from a stage two trial shows the blockbuster drug ozempic. pfizer shares are up 5% while novo nordisk covers near the flat line. progeny is higher as there's a buy rating analysts say the company will be a big beneficiary as more americans turn to fertility treatments for growing their families the company partners with employers, and that stock is up over 4%. >> kristina, thank you as always the last chance to weigh in on our twitter question is the market too reliant on mega cap tech performance? the results are right after this break.

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in pursuit of long-term returns... pgim. our investments shape tomorrow today. we're now with the closing bell market zone mike santoli is with us to break down the crucial moments of the trading day. mike mayo from jopmorgan's investor day mike, we can react to what jamie dimon said about interest rates, 6%, 7% he's trying to warn people that rates can go up. >> it is his orientation to think that normalizing rates, so to speak, the heightened he thought that when rates were

peaking at 3% and other times. i'm not sure that's something that really is making its way in an immediate sense into the market what i do think is clear is yields are picking up a little bit. some of that is the fed saying maybe maybe we skip a meeting. it's not a pause it's not the end some of it is the economy holding up a little bit better some of that is probably a debt ceiling because they have to i don't think it's at this point an alarming level in terms of challenging stocks, although, we're sitting here right at the top of the range, all the reasons you're giving for why it makes a lot of sense what i do like, though, and i continue to take comfort in is that twitter poll. 80% think it's all about twitter stocks i'd prefer that people would think, this is great, happy times are here again, we love

this they don't love it it's making people uncomfortable. it's adding to the wall of worry the way all the meme stock ended in 2020. we're getting tiktok news. for that i want to go to chris kovac. >> tiktok is suing montana they're suing over that law that was signed into by the governor that bans it state wide and they're suing over it. here's what the tiktok spokesperson says. we're challenging montana's unconstitutional tiktok ban to protect our business and hundreds of thousands of tiktok users in montana they go on to say they believe they'll prevail in this case last week a day or two after this law was passed, a group of tiktok users sued over the same law. and the way this law is written, it doesn't work the way montana wants it to. they can't block apps on a state-by-state level, but the law puts the onus on apple and

google store to do so. we're expecting more legal challenges aclu might be next. for that, we go to tiktok. mike mayo, i want to talk about the news we got out of the meeting from jpmorgan. you had one, which was preevent, which was, you know, very bullish. then midday you put out a new note which talked about jpmorgan guiding the markets a touch lower. can you sort of assess where you came into this meeting and where you are today and the level of bullishness you have around jpm shares >> well, look. this was jpmorgan's annual investor day, and i think they showed that they are the lebron james of banking because they're good at boast offense and defense. on offense, they have record investments, but you know what, scott? we still forecast record revenues, and for those revenues

to grow more than twice as fast as expenses. so that's the whole median term story and there's a lot of business coming to jpmorgan. in the consumer business, they got deposits s from silicon vale and credit cards and the wholesale business at regional banks may not be doing so much anymore. that's flowing to jpmorgan i feel great about the offense when it comes to defense, they have excess capital, lid quitty and problem loans. they've reserved for 6% unemployment the credit card loss guidance is the same, no change there. cre office, it's a fraction for the other banks. the offense is good. the defense is good. the main short-term negative would be they guided lower in the second quarter so we're talking nickels and

dimes here when they should earn between $14 and $15 this year. that's a tweak at our conference last week in chicago, we had over 70 financial firms and many banks and goldman sachs at our conference said they see green shoots we'll see. as goes the economy, as goes the geopolitical environment, as goes the debt ceiling, as goes the capital market it's kind of like predicting the weather. i'm still as bullish as i was going into the meeting there's certainly extra positives, but the tweet in the second quarter for the median term wasn't expected. >> i'm also wondering about dimon's own comments about be prepared for interest rates to go even higher, throwses out 6%, 7% for fed funds that is not a great scenario in any way either for markets or for the economy, is it >> well, jpmorgan is

structurally positioned about as well as they've ever been structured, but cyclically, you have all sorts of headwinds from interest rates to inflation to expenses to normalizing credit costs and changes in regulation, and jamie dimon is the worerier in chief he sets the tone for risk management, and by setting the tone, he's alerting the few hundred thousand employees to also look out. so he said he is more worrying about quantitative tightening than anybody in this room, pretty much more than anybody else that's his job to set a tone for being prepared for what people might not be prepared for, so i think culturally that's really good but you're right cyclically it's a reminder there's still some tail risk and a flagrant situation depending on the course of the economy. >> do you also think they were a bit conservative, is that correct, with their assessment

of what first republic is going to mean for them in the never term as well >> yeah, you know, first republic really accelerated their expansion strategy with the fluent consumer sector in the united states. they said a couple of times we were conservative. so it's not me saying it they said they were conservative i think that might add a little more to earnings so net/net, maybe a little more from first republic, less from trading. we're still at $14.50 for, you know, eps this year. they're trading at 9 1/2 times earning. jpmorgan, best in class, is trading at one half of the general stockmarket. >> all right i appreciate you joining me. mike mayo, thank you very monk jpmorgan's investor day. pippa stevens, what should we be looking for when zoom resumes in a little bit in

"overtime. >> there are rising fears it will impact i.t. spending. enterprise growth is top of mind as is the hike back in march trickling through as well as cost savings from the 15% work force reduction earlier this year the company has faced stiff competition in the videoconferencing market it needs to show growth in other markets. management will no doubt talk about the a.i. opportunity finally acquisitions is something to watch zoom did not reauthorize its $1 billion buyback from last year with the cfo says the company wants to maintain flexibility as valuations become more attractive perhaps some clarity there, scott. >> we'll watch out for that. thank you very much. let's bring mr. santoli back i think rates are going to be a significant story moving forward. if you think that dimon is going

to be anywhere close to what he says and with the kind of fedspeak that we've gotten now, the bullards, the logans, what is it going to mean? >> it could mean -- first of all, i think the signaling is very clear right now for june that they're leaning heavily toward not making a move the fed is not making a move if we're talking about inflation expectations or the market's estimation of where inflation goes starts to look a little stickier and that's why yields go up, that's not a friendly formula for stocks i think it's too soon to start anticipating something like that the bills are still all twisted up interesting to see how it shakes out. the credit market is not alarmed at this point. what i do know today is regardless of what's happening on the yield side, it seems short covering

it seems like people are grabbing for fast-moving stuff the heavily shorted stocks are up so there's a little bit of a surrender of the bears because the market's been too resilient. that's something you have to throw into your mix tactically to say are we using a little bit of the buying power here at least in the short term. >> i suspect we'll be talking about what hasp in 90 minute at the white house and between the president and the speaker once a deal is reached. >> logic would say one side or the other would want to kind of throw a scare if there before we get an actual agreement. that's usually the way it's done i think it would still be received pretty warmly if there was a firm deal. it's going to actually get through congress at this point, i think the market is sort of deciding not

to worry too much about the other possibility. so we'll see if that gets challenged. >> we're not going to get 4200 on the s&p interms of a close, but we're not that far away as we turn our attention to d.c an the latest on the debt ceiling talk "overtime" is up next. welcome to "closing bell: overtime." i'm jon fortt with morgan brennan. tensions wrap up with the u.s. after the country called micron a major security riff snook plus, we're awaiting earning results from zoom video. the poster child of pandemic stock gainers still down sharply, but it has gained momentum in the past few weeks