there has been this expectation, think about where oil was a year ago, $50 higher. because there had been this view that the price caps would cause russian oil to come off the market >> we're going to have to leave it there >> thank you >> i'm out of show helima croft, thank you. that's going to do it for "overtime. "fast money" starts right now. right now on "fast," losing t steam. is the mojo from the a.i. gains breaking down? we'll ask if today's move is more than a one-hit wonder. plus, new york undercover. a wildfire induced haze blanketing the big apple and much of the united states. smoke from canadian wildfires disrupting air travel and air quality. we have a live part coming up. plus, wall street's growing love affair with netflix and the streamers, and a big rebound for a couple of real estate titans i'm melissa lee, this is is "fast money. on the desk tonight, tim seymour, care finer man, steve

grasso and guy adadmy. and we start off with this -- ♪ that is the sound of the air coming out of the a.i. balloon >> got you >> i thought it was smoke. >> everything from upstart in c3.ai to giants like alphabet, microsoft, nvidia, shares dropping where is the money going energy, banks, utilities, industrials. those sectors outperforming the broader market today energy, the best performing group in june. industrials now at their highest level in three moents. so, is this rotation a sign of a more permanent shift in market sentiment? tim? >> i would argue before svb, we were getting to a place where we were seeing more breadth in the market xli up 6.5% in three days. really beleaguered names, if you look at foot locker, karen can talk about that, but things that seemed like the consumer was dead actually -- so, this does

feel a lot like rotation it also feels a lot like the health that's coming back into the markets, at least on some sense, if you believe, you know, we're going to talk about the regional banks and the move in the banks, but the banks, fed funds back above svb levels means that i think you're seeing some normalcy and it means also that the fed may be more aggressive, but right now, that breadth is encouraging when all we could do is say that the stock market rally was five stocks i'm still going to say, until i see a sustainable break in the outperformance of semis and qs over the s&p, that they won't continue to pull the market higher but what happened in a.i., we said it many times on this desk, it's -- it was -- the type of move that we've seen before around buzz words used in press conferences, around block chain and crypto and a lot of it a.i.'s been in the game plan of a lot of these companies for a long time. >> right so, you are a believer, one of the few on the desk here, in this a.i. spending boom, to sensually unfolding in front of

us >> i am. >> we did see a nice 4% gain in uri. >> yeah. >> 4.5% gain in capri. where do you stand on what we're seeing in the markets in terms 0 of the rotation? >> i have both i have not changed my portfolio, i sold some netflix calls, some meta calls, but i'm still very long and i'm very -- i'm always very long in general. it's just nice to see and kind of ridiculous at the same time really is -- united rentals is up $40, $50. nothing has happened absolutely nothing there's -- so it's just kind of ridiculous and this -- i think it's sort of the beginning of the rotation. some of the things were just absolutely absurd, you know, retail, we were talking about capri, another, you know, it's back to almost right where it was before that earnings foot locker is a very far way to go, but it's up 8% in the last 48 hours no news, absolutely nothing. so, it's just clear, it's just that rotation. things go in and out of favor.

i kidid increase my bank expo schur a little bit, that's been out of favor longer and stick has room to go >> in order for the market to continue to move higher, you are going to need those names, the tech names, to really sort of kick it off, but there has to be reversion trade. when things are up over 100% for the year, you have to take a powder, you have to take a breath this is all normal, natural, healthy for the markets. having said that, it's going to flow back into these names again, because the other names aren't going to be able to push it you have to decide, are we in another bull market? if we're in another bull market, then it's going to be led by the same ones that have led this bull market, which is tech 40% of the russell 2,000 is unprofitable you're not going to want to buy stocks that are unprofitable so, i agree with tim, you are starting to see a little bit of expanding breadth, healthy, if you have an unprofitable russell

2,000, i believe gyou're going t see expansion, but people are going to come back to the other names again. >> in the meantime, there could be a very grade in the russell 2,000. the chart looks like it's breaking out it's up, what, today up 1.8% kre was up 3.3%. i mean, strength in small banks means strength in russell, guy >> that's what we talked about last night, tim talked about it. we thought in the absence of bad news, kre is just going to do this grind higher as people try to find value some place, and they're going to find it in the regional banks that said, i don't think it's over in terms of the headline r risk, but each passing day, those are grind higher, which is going to drag the russell up but for me, obviously rotation today, but helima croft was just on "closing bell" right before they came to us and she made some very cogent points about the energy market that i think people are not really taking into full consideration. there's a demand situation going on that i think people want to dismiss because of this global

slowdown there's also a supply problem, as well. and you look at the move in oih, all getting off the mat in a meaningful way i think energy stocks can surprise people over the next couple weeks, into the next few months to the upside >> i mean, there's been some comment to the effect of, opec will do everything i can to get that oil price to 80 and stay there, tim >> well -- saudi's taking real barrels out of the market. when they say something, they actually have the position to pull the barrels out some of the other companies are just going back on quotas. and i think it's notable that saudi right now is willing to fight what might be some friction between opec plus but no, i think energy moves higher and i would look at the chart and say, actually has held the bottom end of an uptrend that goes into last year to me, i think some sectors, also like the reinflation that's going on in the market rates are moving higher. there are different reasons. some of this is people pricing in some of the technical

dynamics 0 of a trillion dollars of treasury issuance to come now that we've settled the debt ceiling. but the yields moving higher is a bit of a normalization that just comes in the world. we're going to have banking crises, we're going to have banks fail, but svb and the cascade from there was something that really took yields down to a place where i don't think they belong and i think we go sideways for the most part on yields, but two months ago, people were calling for 3% on the ten-year and then 2% very quickly. and i don't think we're going to do that barring some kind of a black swan >> yeah. karen, it's interesting, you said you sold calls for -- on meta and alphabet. how about nvidia >> no. alphabet and meta are very big positions, right i don't have a huge position in nvidia i'm going to let it play out i know the bubble and all of that, but i don't believe this is anything remotely close to 1999, and, you know, there's a lot of data to support that. i think that this story is not

played out yet we've seen one quarter we haven't even yet seen the quarter. we've seen the expectation of the quarter, right and so, i think we got to let i play out more, because as i said then, i think he's sandbagging i think we're going to see more. so, i'm not going to trade around that. these other ones i will trade around, because first of all -- >> what about meta >> what? >> what about meta >> sold some calls against meta. >> okay. to me, of those -- and i'm long meta and i bought it probably before the second to last woosh down, but it's been a good trade, and i actually think it goes higher. i think it goes higher relative to -- also, they're the ones that have a real a.i. business they're the ones that get 20% to 25% right now of their content from a.i they're the ones that have an ex expand into those business and the technicals of those whys that have first of all gone through their relative kind of

ceiling against the s&p and of course do that, and that usually has taken them, that's microsoft and apple, to fresh all-time highs. now, meta is still further away, though it's not terribly far away on a relative basis to the s&p, because it was even underperforming. >> you can say the same exact things about google, right >> yeah. >> and because they're up so much this year, meta well over 100% and google up, i don't know, 45, as of yesterday, down today, it's just too big a position now and i do think this sort of rotation makes sense to me that that should have some more legs. most likely it will be bad trades hopefully. >> i'm sure it won't be, karen >> meta could close that gap where it gapped down to, from about $322 so, i could see it closing that and just think about, the regulators are quite busy these days what used to be the biggest headwind for meta? regulators a.i., big play, as tim said. i don't know if they can close the gap to 322, but if the market gets back on the horse

and we talk about bull markets again, yes just where you started out, though, with saudis and oil, every time opec -- and i know we're talking about one country, not all of the opec members, every time they cut, price of oil goes down. that's happened what pitchly over the last couple of years. when they cut production -- >> announce a cut or when the cuts -- >> well, they never keep the cuts, they overproduce we've had sankey on here saying they overproduce maybe the saudis will definitively cut, but the other opec countries are overproducing, so, it's going to negate whatever the saudis are doing anyway, it's a signal for me to sell oil >> for more on the a.i. momentum and what it means for the digital ad space, let's bring in the head of internet and media equity research at truist global you put out a note breaking down the tech names you see as early winners in the a.i. race, as well as the companies most at risk first, your take on this sort of notion that's driving this entire trade, and that is that

there is a massive spend that we're just on the precipice of can you walk us through how valid you think that is? in theory, they have all been spending on a.i. for years and years and years, and it seems like now there's a narrative that that spend will be higher than what we've seen in the paes what is your take? >> right, so, i think you hit on the really important part. the large caps, or the megacaps have done really well this year, and that was in anticipation that they, you know, the key players were a.i., and that's completely true. what i think the street is yet to, or try to wrestle with is, up-x to cap-x has been going down, and the assumption to look at, consensus for ' 23 and '24,

we stay flat to maybe go up a little bit i don't think that's necessarily going to be the case, because of all of these investments that now need to be reflected with all these guys building, again, the infrastructure i think they've all cut down on real estate, they've all cut down on pet projects, but a.i. is really the area where they need to spend, and, you know, and i don't think it's necessarily based into street estimates. and i think that's the disconnect at this point >> how do you -- how do you put into your model the benefit from a.i. and i'm wondering, because different companies -- microsoft was very specific on its earnings call in terms of outlining what they were projecting would be the added benefit when it came to cloud services, et cetera, very specific in terms of the benefit. alphabet seemed a little bit more amore fuss. how do you think about that, in terms of your model and

financials >> well, so, i think for the cloud guys, it's probably the easiest, because we know that as these work flows start, you know, materializing and everybody tries to train their own, you know, a.i. on their own proprietary data, there's just going to be a lot of compute pow their is going to be required, and there are only three players there, right, which you know but then, there's the second derivative there, and that's companies that should -- or that are going to be leveraged in a.i. for revenue acceleration. and those are, in my mind, company like uber, company like wayfair, trade desk, doordash, et cetera. and that will probably start happening 2024, it's not going to happen this year. and then -- and this is probably true of virtually the entire coverage of our universe, that is companies that are going to leverage a.i. for cost reduction. and those are companies that are

going to be either leveraging a.i. to try to lower customer support or engineering and, you know, kind of programming, et cetera and it's really hard to put numbers around these, because we've ran a number of sure vapes with clients, or with companies we cover, and the feedback is, we're still in the early stages of trying to figure it out, so, we don't really know, and that's why the street hasn't really put pen to paper to try to change their numbers, at least on the revenue acceleration and on the cost reduction yet but the easiest, really, should be the hyper scalers, the in infrastructure builders, as they benefit from just the increase in work flow >> last quick question, when you talk about a company like a wayfair, how is a.i. going -- it feels almost like back when people were using the internet for e-commerce, saying it's an e-commerce company now, because it uses e-commerce, i mean, is

wayfair going to sell that many more rugs and sofas because of a.i. how does that actually work? because it seems like every company will be able to benefit from a.i., and so, how do you differentiate wayfair as opposed to some other company? >> wso, the way i look at it, an company that relies on search to try to, you know, kind of deliver the right product to the right person at the right time, is going to be, you know, leveraging, you know, the tremendous amount of data they already have on their customers, or the third party data they are buying and trying to create lookalike audiences. the reason wayfair and etsy and doordash and uber are going to benefit, because one, they are going to improve their kind of marketing to drive higher customer acquisition, and those customers should, one, come in at a cheap er cost, and stick

around for longer. >> all right thank you. always great to speak with you >> thank you >> that seems like every company under the sun, but i get what he's saying. guy, i continue know, maybe they would sell a lot more guy adami sock puppets on etsy -- >> i would have already bought one. >> i mean, you know, these things, these gizmos have been telling me what i'm supposed to buy for years. >> forever >> so, i don't know what's necessary -- forever, but i don't know what's really different other than the fact that instead of calling it, you know, data harvesting, we're calling it a.i. now. i guess it's sort of cool. and there will be winners, but trade desk is a name that came up, let's talk about it quickly. here's another stock that's trading close do 20 times revenue, 50 times earnings, does not have the eps growth. if you pull up a chart, the longer term chart, we're right at the level that we broke down from last august, sort of this $75 level. so, you're in the deep end of the pool with a lot of these

names. a lot of them had tremendous runs if this happens in '24, '25, that's great ain't happening tomorrow. let's turn to a developing story. smoke from wildfires across canada blanketing new york and much of the northeast with a thick haze new york city right now experiencing the worst air quality in the world that is according to iq-air. look at some of the scenes from around the city and other parts of the northeast the current conditions causing a groundstop at new york area airports and shutting down all sorts of active tips in the area so, the question now is, how long will the situation stick around could it get worse let's ask bill k stakarins >> this is a day people won't forget soon. this is the worst air quality any of us have ever seen you could see it the street lights went on sixth avenue outside our building here at 2:30 this afternoon when the really, the densest fog and smoke moved through the region

so, here's the big hazardous plum it started in central new york, now it's over new york city, just made it into philadelphia we've had smoke reports as far south as charlotte, north carolina, all the way through michigan, ohio but the really nasty stuff is in this area from central new york into new york. it's actually in the what darr douse range, that's why they canceled the yankee game tonight, one of the reasons why a lot of schools are cab selling for tomorrow in this region, because not only for the elderly or the young or people with respiratory problems, it's what d what darr douse for anyone to breathe without a mask earlier today, syracuse, over 400, these microparticles, that's what they measure at the monitoring stations. typically it's bad if you are over 150 right now, new york city is at 392. this would be the most unhealthy measured air in new york city's history when we average it all out by the end of the day. beating yesterday, by the way, which smashed the previous record from, like, 20 years ago. so, two days in a row of this. and tonight and tomorrow, we'll see the air quality getting worse in philly and new york

here is the future cast. this shows you where the smoke is from the fires. this is as we go through 10 o'clock a.m. thursday. right over washington, d.c., and then a really thick plume coming into buffalo, so, these fires are going to send kind of bands of smoke at us, depending on the way the wind is blowing. 7:00 p.m. thursday, still smoky from d.c. to new york. the dense plume rotating towards pittsburgh on friday morning won't be until about saturday that we get rid of this complete mess in all, about 111 million people dealing with this poor air quality, but melissa, by far, the worst of it is in an around new york city. it was outside, even with an n-95 mask for three hours during live shots today, and i can still feel it in my lungs. i do marathons, but i wouldn't want to run right now. >> wow bill, thank you. bill karins with the very latest on this, and obviously want people to stay safe, that's the primary concern. but you got to think that, you know, you shut people up inside and that's a loss of economic activity, it's not just the

airlines, et cetera, but i feel like next shopping season, next quarterly reports you we're going to hear the retailers say, oh, we had the air quality issue in the northeast, sales were down >> less shrink, though looking for the silver lining. >> only a couple of days, so, let's see -- i believe he said by the weekend it should be clearing up. i bought delta on the dip today, but obviously you don't want it to extend longer than a week >> guy, you are safe in your basement >> i got all the different air purifiers on and to karen's point about the less shrink, how would you know? you can't see anything >> i thought guy was going to comment it's good news for mets fans they won't play tonight, but in fact, we play in atlanta, so, we'll probably have a game tonight and hopefully we'll win. >> we'll have much more on the wildfire smoke effect on the airlines later on. coming up, tesla's run continues. the stock on a winning streak not seen in more than three

years. plus, talk about appreciation one of the traders eyeing the moves in some real estate trusts, and you know what they say? location, location, location where you should be in the trade, when "fast money" returns. ♪♪ at morgan stanley, old school hard work meets bold new thinking. ♪♪ partnering to unlock new ideas, to create new legacies, to transform a company, industry,

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welcome back to "fast money. tesla charging higher. on pace for its longest winning streak since early 2021. the stock has gained 23% in the past nine days the surge 82% year to date the fourth best performer in the s&p 500 this year. i think this was in somebody's acronym. >> somebody. >> steve >> who could it be so, obviously, this one's been an extremely volatile stock. the stock is up tremendous year to date. it's about autos, it's about energy, it's about services. and today was about the federal subsidies coming in for the model three. so, it's made the model three very affordable, probably low 20s in price that gets a lot of people into the ev atmosphere. or, e cosystem, i have atmosphere on the mind the more they can do this, the more they can be the electric vehicle, i'm looking to see if i see any teslas, i don't, but the electric vehicle of this country

and of other countries, i think they're the name to beat they are actually making money no one else is >> guy, you like the chart here? >> 225 is where we traded down to, i think out was last june and bounced, so, past support becomes resistance to the upside this is sort of where we broke down from when we had the first one up to 225. so, i guess, it looks good in the short-term on a longer term chart, though, if you go back a few years, it's still in a significant do downtrend. so, this is a level where it should slow down >> your ford and gm did even better today, tim, as part of this rotation. >> they have had some of the benefit of the industrial empire, the broadening of the market ford had its little tesla announcement in terms of marrying on the charging stations so, i -- i think, in a world where we're assessing -- recession is coming in, the autos, they have not cut prices. you can make an argument that tesla's been cutting prices more than ford and gm i'm not going to tell yauto

demand is going higher as much as i think there was supply chain disruptions, you have to be cautious. there's a lot more "fast money" to come here's what's coming up next. a real estate revival. a couple of property managers on the rise today but what's behind the turnaround the deets on reits, next. plus, the streaming wars rage on. amazon getting in on ads, as analysts turn up the volume on netflix. where you should place your bingei ing bets ahead you're watching "fast money," live from the nasdaq market site in times square. we're back right after this. the right message at the right time, every time. ( ♪♪ ) constant contact. helping the small stand tall.

your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire welcome back to "fast money. reits staging a rebound in

today's session. boston properties, kill roy realty seeing some of the biggest gains. with the group under performing the broader markets this year, how should investors interpret this recent bounce karen, you're in a couple of these? >> i'm in one, boston properties, which i view as sort of the jpmorgan of the reits space. i don't know why it was up today. i think it was just entirely part of the rotation a couple weeks ago, we had john lit on who had a great trade being short office space and it was sort of -- well, if you had to think of the -- what's the most interesting short, the first thing that comes to mind is office space, and i think it's just sort of overdone to the down side. everyone knows it's a giant problem, and we are going to see bankruptcies, we are going to see people give back the keys. boston properties was able to do a debt deal. they are the high quality name in the space i know of no reason it was up. >> when regionals are a little f firmer, the fears about reals kate abate

>> i was nibbling on regional kre yesterday and today, by the way. i look at a vornado, who had earnings results, they actually announced a share buyback plan people were disappointed they weren't going to put that money into paying down debt. but again, i think you're talking about highest quality players. you look at the sum of the parts, you look at the book value and you can start to do some of the math in a world where we don't have a real credit spike, you look at other parts of the curve, they've actually been coming in. that's part of this, you know, mosaic of reasons why it makes some sense you see these things rallying i would not be chasing them higher, but i don't think they're going out of business, for sure >> this whole space to karen and tim's point has been decimated if you look at how many loans are resetting, what's the number, 4 trillion in commercial loans that are supposed to be resetting. >> in the next couple years. >> in the next couple years. maybe if rates are probably have peaked at this point, or close to peaking, maybe that damage

that could ensue is probably not going to be as bad as you think. so, there's a whole lot of reason why the sector has been bouncing probably just an overdone trade to the downside. maybe things aren't going to be as bad >> being closer to the end of the tightening cycle is a help, as well, guy >> yeah, but then you listen to stan druckenmiller, he talks about the lagging effects not having taken hold yet. a 15% to 20% earnings slide to the downside, so -- yeah, these stocks bounced today, i think it was part of the rotation i understand they're probably heavily shorted. they are also probably right to be shorted if you look at assignment properties, for example, you have this formation that continues to tighten i think it's going to sort of remedy itself to the down side, mel. >> all right, coming up, an lis getting more bullish on netflix and a couple of other streamers

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welcome back to "fast money. stocks closing mixed as the s&p pulled back from a nine-month high and the nasdaq falling more than 1%. the dow managed a 91-point game. weakness in the staples space. shares of general mills traded lower. campbell soup issuing full-year guidance below expectations. and an earnings alert on gamestop shares are plummeting right now. down by 19%, worse in the afterhours session, after the company announced it is terminating its current ceo, naming ryan cohen as executive chairman elevating him. he was the chairman. cohen tweeting about an hour ago, not for long. the outgoing ceo's name is matt furlong, by the way. it could just be that, a joke. for more gamestop and how ryan cohen got legions of retail investors to follow his every move, "making of the meme king,"

reairing tonight, just in time to figure this one out, guy. i don't know what you make of this move here they missed by a long shot and so, you got to think if you are purging the ceo, maybe there's hope here, if they get the right one in the door. >> yeah, or maybe there's not. they canceled the conference call i mean, i think people are starting to come to the realization that maybe this was a failed business for a long time, and the stock was fun for people for awhile, but i think reality is starting to set in, and i'm sure ryan cohen is a wonderful guy, but he's not particularly funny on twitter, if you want my opinion, but i'm thrilled that you're reairing the special tonight, mel, because if you missed it last night, i can't imagine what you'd be doing, you got to catch it tonight in the wake of this news >> it's also available on youtube, by the way, if you can't make tonight's reairing, and, you know, want to be more flexible in where you see it >> awesome >> you can certainly stream it but karen, i'm just curious, if you are named executive chair, how long does it take for you to be able to sell your stake

the question, after he dumped his bed, bath and beyond stake is whether or not he would do the same thing with gamestop >> well, bed, bath and beyond, i don't believe he was an insider -- >> you're right. he was not on the board. he had three of his sort of cohorts on the board >> uh-huh. >> they were independent directors. >> i think he's got to be -- well, certainly before this he couldn't have, for two reasons, one, it's in a quiet period, and we would have seen, within a day, any transaction, i don't believe he's done anything i think there's still a lot of material news, if they are close to hiring a new ceo, that's really important if i were he, i would donate the stock to charity, which would sort of get out of the -- you could -- that you could make a charitable donation, that's good, right? it's looked at very differently than just selling the stock. i don't get this at all. i didn't get it then inventories look like they're up an extra 25% >> yeah. >> i don't get the whole thing

>> all right. let's get to netflix here, hitting another milestone, a new 52-week high, trading around its highest levels since february 2022 jpmorgan, wells fargo lifting their price targets. a couple of smaller streamers surging, as well paramount jumped nearly 4% here to break down the action, barton crockett, with a hold rating on netflix. obviously the other backdrop is amazon prime launching an ad tier how does that sort of shake up this landscape, in your view, if at all >> well, i think that advertising is certainly a great way to go, if you are looking at a consumer that's going to be stretched in their pocketbook, they're looking for, you know, ways to save money on streaming, it's one of those places where i think the survey says consumers feel like they're overspending so, it's well-positioned for netflix, it's not large enough, i think, over the next couple of years to really move the needle mainly because of the limited number of people coming into the

ad tier. netflix is going to be paid sharing, where a lot of that is largely digested in the stock price and i'm not sure there's reason to jump in today to play that way at this point >> hey, barton, it's tim how do you think about the multiples in this space? there was a time, we were playing any kind of a growth multiple, paying it on subs growth, there was a lot of math you can do netflix is the only company that's profitable at this point. so, the good news for threat nix netflix, they are going to have 8 million to 9 million what is the multiple you are putting on these names at this point? >> well, look, i think we're trending towards, certainly for netflix, a future that's mature, right? so, they're going to be making money and their multiple is going to come down, and you have to look at the intersection of those two things and in my mind, you know, in some number of years in the future, you're going to trade this at a low double digit multiple of free cash flow that's only growing modestly,

because they would have pen traited the subscription opportunity and so you're transitioning. and that's a difficult place for a former growth stock like netflix. >> did it surprise you, barton, to see all the streamers up on the back of this amazon ad tier news >> a little bit. look, i've got certainly cautious stake on -- take on some of the others a sell rating on warner brothers, a sell rating on paramount. you know, i do think that in streaming, we're in a difficult kind of transition this is an industry that netflix is winning, but it's a business that is difficult, it is one that nobody's leaving quickly. and it's one where, you know, nobody's reallien be able to make money except for netflix right now. so, i think that there's a lot of volatility around stocks that have been pressed down as much as warner brothers and paramount have, and i think that's more what's going on than this being a fundamental revelation of something different in the business we already knew they were

pivoting to ad-based portion of their business in streaming, you know, this is not terribly surprising >> all right, barton, thank you. >> great, thank you. >> barton crockett of rosen blatt. guy, which name do you like the most -- which one do you like the least? that's interesting, too. >> oh, well, you know, we've liked netflix for awhile, but i'll say, out of those three, given the run netflix had, maybe netflix the least and i'll tell you why. back in december of '21, the stock went from $700 to $400 in ten or so sessions, and that first place we stopped at before the next leg lower was about this 405 level that's where we are now, and this move from about 175 to here has been effectively unabated, maybe one or two selloffs along the way. so, i think netflix is a great company. i just think the stock has gone way too far too fast and i think you're definitely looking for a pullback in netflix over the next couple weeks. >> you just invented another game what wouldn't you rather, with guy right there.

>> kind of confusing, but sure >> i agree looks like it's running into resistance right here from that march 2022 level how long can you get extra yardage out of the same story? password sharing, it's a direct play, but i think it's overdone. >> you are hoping a long time, right? you are going to get more out of this one >> yes >> i see this as totally margin accretive. let's be clear you're taking -- borrowers, we're calling them, and they're saying -- jpmorgan's note says 50% of those will become new subs, 50% will be folks that are in the ad tier, and if you look at where that -- that's an extra $2.5 billion next year so, there are numbers you can really apply to this and i go back to this announcement, it was made out of strength even though, yes, saturation levels, things i was talking about with netflix before i owned the stock for a long time. i look at that free cash flow generation, there's nowhere even close. coming up, amazon teaming up

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it still does. what can you do with spy? ♪ ♪ welcome back to "fast money. affirm shares topping the tape today, rising as much at 23% at highs after announcing a partnership with amazon. vendors that use amazon pay will be able to offer affirm's buy now, pay later option. affirm's stock closed well off the highs of the day but is up nearly 70% this year a lot of the payment companies were actually doing pretty well today, like a visa where do you stand on affirm >> it's short covering, it's not going to change their business

and i wouldn't, with the -- all the things we talk about with consumer credit and household debt and where this is going and the lower economic kind of, where the consumer is, you know, this is something that i think that buy now, pay later, and anyone in this kind of credit and it's still high multiple stock, i'd take it and run >> yeah, but they don't have the exposure necessarily to a consumer that goes delinquent, do they? >> no, but they secure tized their loans and sell them, so, you got to offer higher and higher rates, because rates are higher, so, somebody's taking that risk, so -- i don't love it, either i think off of a base that was extraordinarily low, right but good for them. this is not a bad deal, but i agree, i wouldn't buy it. options traders are betting there's even more upside for affirm kevin kelly has the action kevin? >> hi, melissa yeah, options were heavily traded today we saw 1.75 more calls than

puts and that's pretty telling, given the implied volatility on this stock is almost 100. so, one of the most active contracts traded today was the 20 strike call that expires next friday on the 16th and it's certainly traded around 19 cents so, you would need this stock to move 25% higher by next friday >> steve, what do you think about buy now, pay later >> i think it's obviously a very pop ewe lair aspect of it, but i don't think that they're the ones that will ultimately be the best -- best biggest player. i think apple, you are going to see in that space, as well so, extremely competitive. and this was an extension of a partnership that they've had with amazon, they also have a partnership with shopify, walmart and target i think you just sell whatever pop that you can get out of this name. >> kevin, thank you. for more options action, tune into the full show friday 5:30 p.m. eastern tilt. coming up, orange is the new blue for new york city skies

the amber haze wreaking havoc on the air and the airports what this means for travelers and av iesrsnetrelnvto, xt this is the all new, all electric lucid air. a car that goes as far as it does fast. as sleek as it is... spacious.

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welcome back here's a sneak peek at the cramer cam he's speaking to the ceo of campbell. now, the developing story. the faa forcing a groundstop at new york area airports earlier today due to poor visibility from smoke causing massive delays for the airlines. cnbc's phil lebeau standing by with more, and phil, looks like it's not just new york area that could potentially be effected. a much bigger swath. >> oh, sure. and primarily what we're talking about are two airports in new york that are feeling the brunt of this. laguardia, as well as newark, and then there's philadelphia, which is also noticing an impact from the haze and the lack of visibility, so, here's the latest melissa as you take a look at a tarmac shot of newark, believe it or not, this is actually an improvement, compared to a couple of hours ago. i just checked with the faa.

visibility is up to one mile, not a lot of improvement, but it is some improvement there. they are slowing down traffic on flights coming into newark, as well as into laguardia flights that are there, if there's an airplane that's there and they can take off, they are still taking off on schedule, problem is, you don't have as many planes coming in. and they've slowed down traffic into philadelphia, as well as you look at the airlines that have hubs -- these guys all have hubs in new york, what you are looking at are airlines that, when we've checked with them, melissa, they are not doing mass cancellations, because it is such a fluid situation they are not going to say, well, we're going to cancel x number of flights tonight and tomorrow, because in a matter of a couple of hours, it could start to improve. so, they're playing this pretty much hour by tour waiting to see what the conditions are like and how they may change. >> i would imagine, phil, that just because you might not have the planes where they should be, that would cause issues, right >> sure. >> if we wait here in new york,

that causes the other side to be delayed. >> and it's the number one air space in this country. so, yes, you are going to see ripple effects across the country. there's no doubt but it is not -- it is not as bad as, say, a blizzard in the wintertime, where it's going to shut down things completely. it's not good, and the airlines would certainly rather be taking off and landing the schedule that they have there, but they're hopeful that they can see some improvement here in the next few hours and start bringing in more flights and improve the rate at which flights are coming and going >> yeah. phil, thank you. phil lebeau with the latest on how the airlines are coping with this crazy haze that we are seeing in the area tim, you're in airlines. >> i am. i believe they actually make up a component of my acronym, but i look at delta, it's up 17%, 18% over the last 17, 18 days. united, kind of the same by there. there it is. >> lags. >> and -- look how happy i look there, before i picked lyft.

oh well. but i -- what we've heard from the airlines for the last three quarters is not only the normalization of their business, but revenue per available seat mile that's even better than it was pre-covid, so, front of the bus is selling out, business travel, of course, transcontinental, of course. i look at airlines, these are the last reopening trades that are rallying >> guy >> you got to close above 40 in delta and you are through a four-year down trend from the summer of 2019 and we are close delta's traded well. i think you stay with the airlines here. >> you are saying you got into delta. >> yeah, i saw the headline and i figured, it's not going to last forever i bought delta on that dip, but don't planes fly on instruments? >> right >> they can fly over the ocean in the middle of the night, so, i get it, landing, in and out, this seems a little overdone for me, i mean -- you're flying --

>> do you want to volunteer and go on a flight now with half a mile visibility, steve >> hey, yes, i would because they're not -- look down when you're flying over the ocean, you're not looking out there going, tim, you see anything you see anything no, it's on instruments, let's go, people >> here's a psa. of all the people on this desk, steve is probably the most risk averse of any of us. this is extraordinary. >> fair. >> anyway. >> the irony >> good for you. >> up next, final trades

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reminder, we have more on ryan cohen, his rise among retail traders in a new documentary, "making of the meme king," reairs at 8:00 here on cnbc final trade time guy? >> did you catch the humble brag from bill about marathons? >> yeah. >> well, mpc yeah, marathon petroleum >> if i ran one, i'd talk about it all the time. tim? >> yeah, one more marathon than i've been apart of whirlpool. they've been running a marathon trying to get supply chain that you thawed out >> karen >> yeah, you know, guy did not only a marathon, ironman

and he didn't even ask me to say that my final trade, xlf. i think the rotation has more to do >> steve >> delta not going to last forever. instruments, people. flying on instruments. >> you know it all, don't you? thank you for watching you thanks for watching "fast. "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 make friends. i'm just trying to make you little money my job is not just to entertain but to educate and teach you so call me at 1-800-743-cnbc or tweet me @jimcramer earlier today the s&p 500 almost reached 4300 which is 20% off the bottom from last