europe and other places have set the bar much higher in terms of many of these deals. this is going to be one to continue to watch, that's why we're watching it. >> and we knew she was going to do this. this is her thing. >> all right that's going to do it for us here at "overtime. >> "fast money" starts now right now on "fast," bullying the bears the s&p closing above 4,300, with the index up 12% this year. plus, offtarget. shares down over 20% in just the last month is the drop mainly due to the bashlash and boy colts over its pride month promotions or fears about a slow in sales target and sluggish economy and later, crude collapsing again to just over $67 a barrel. tesla's winning streak reaches a dozen days and cruising to major

gains. i'm melissa lee, this is "fast money. a full house tonight i've never say that on the air before we start off with a new market milestone. the s&p 500 breaking past its august highs, closing at its best level since april of last year the benchmark indirection now up 24% from its october intraday lows you know what that means bull market. the nasdaq seeing even bigger gains today, rising more than 1.5% up 28%, more than, already on pace this year for its best first half since 1983. meantime, oil prices tumbling 4.5%, briefly trading below $67 a barrel settling at its lowest price since march. all of this ahead of tomorrow's cpi report and, of course, wednesday's fed decision, so, has the rally gotten ahead of itself and will this week's data bring investors back down to earth? guy, it seems -- >> losers, yeah. futile, without question fighting the fed would have been being bullish, but that's

actually being right, considering things since december, so -- listen, it definitely leaves me scratching my held. are the numbers important tomorrow yeah you might get a revision from april, by the way, and we'll see what happens there, but are the numbers important, absolutely. in terms of the rhetoric, i don't know if it matters at this point what the fed does. we're still going to try to feel the effects of 500 basis points of hikes and that's been my problem all along. it's not necessarily the fed still in the picture we've all agreed that inflation is going lower it's what is the impact of these rate hikes and i don't think the market feels it, certainly the economy doesn't feel it, either. >> yeah. we could get the revision, we could get a number which makes the fed not pause, which -- if they don't pause, if they do, does it make a difference? >> i don't think it does if we're talking about 25 basis points of movement, i don't think that matters it's going to been 25 commentary and the data that made them continue or pause, we'll see,

we'll have some big data out between now and then i don't know that it really matters. as to this rally, i -- i guess it's tonight fight the fed in that the fed is probably overish, right near the end and so the worst is behind you, i guess. but i was sort of surprised at the strength of the market today. >> still a lot of question marks about the consumer, and the consumer could see a lot more pressure paying student loans every month. that's additional pressure on top of high interest rates >> yeah, a lot is weighing on the markets right now. that's one of the items. the consumer has continued to be pretty strong. they have been paying down their savings. but consumer has been holding in there a lot better than you've real realizing. you're ultimately, i mean, unemployment is still record lows right now , you have the ka cash to stay in this you could still see the soft landing down the line, and that's what the markets are starting to price in

what you are starting to see is a much larger breadth in the economy. where it's not just the top eight tech companies are doing well we're finally starting to see that, which is a good sign >> yeah, to your point, i mean, small caps join the party. and a lot of that has to do with a lot of the pressure, i guess, at least, in the near term being taken off the regional banks, but i look at this and i say, okay, the fed, the rally, the breakout that we've had after we had that really tight consolidation over two months makes the fed's job a lot harder we haven't seen the housing market weaken that much, we talk about the consumer and to courtney's point, the consumer is still there, guy says, don't ever bet against their want to spend, that sort of thing. there's a lot of things in place here other than valuations right now. you say it's pricing in a soft landing, i think we are back to no landing sort of scenarios i don't see anything weighing on the markets. i see the 210 spread being weighed in, 85 basis points. i think a lot of bulls are exmplaining that away and what

that means it is interesting that if the market is going to take a little bit more of -- i don't know what you want to call it, let's just say the cpi comes in around 4%, say we have what some perceive as a dovish sort of, you know, meeting i just don't understand, like, if the stock market is going to rally off that, i don't know if that's a thing you want to continue to buy i've said that for weeks, if not months right snow. i just don't think it sets up as a great scenario. any hiccups in the economy and the market is easily priced for perfection, and then all the weak hands that have come in doing the chase right here, that kind of gets sold sort of first, and then can you have this cascading effect of those eight big names that are all up 40% on average across the board that make up the market cap so, the higher we two, the more dangerous it is. >> i get every single point that you have made, but at what point does somebody with a bearish narrative in the market switch gears and say, you know what this is the market we have, it wants to go higher, it is going

higher, we trade the market we have >> right, i say that all the time, try not to be dogmatic, but i look at it, say, i understand the market's gone higher, but i don't think the market's gone higher because something's magically changed or the fundamentals have gotten better this is completely sort of anecdotal, the ceo of key corp today, a $10 billion regional bank, they talked about net interest income being soft some banks still have struggling so, i think people believe it's an economy thing -- it's more people trying to play catchup in these regional banks so, you question is exactly right. when do you acknowledge you're wrong or maybe the world's changed? i just think the only thing that's changed is price. >> is the belief in the a.i. super spread, karen, which you -- >> i know. spokine spoke ie ing shockingly >> does that override -- >> yeah, it does

we have a terrible market, nvidia is going to trade badly, but i don't think that changes the fundamental story. we're seeing, you know, oracle kind of supporting that story, as well. >> all right how about you you dan? >> i'm not changing. because here's the thing if you are watching this program, it is called "fast money," and you're trading -- i've been trading for 26 years i change my finds five times a day. but when you're investing, i mean, listen, you had all the time in the world in april and may to buy if you wanted to buy for a breakout it wasn't a position that i took it's not something that i bel believed in. i covered when we broke out of the index shorts, because the technicals were lining up pretty decently so, to me, though, i just feel like, if you are a long-term investor, you know, and you heard me plenty of times last year when things felt really bad, my view was, dollar cost average into the nasdaq 100. that's the thing that you want to own, in my opinion. and that has worked out pretty well but the idea of chasing a market right now given everything that

i think has the potential to go basically unhinged a little bit, like, just -- wouldn't take too much, okay because i don't agree with you -- you're right, you're long this stuff, of whatever you think this upgrade cycle, this -- i don't agree that's a thing. i think that goes on in tech all the time, and today, this is the thing that's happened. it used to be metaverse, it used to be crypto the thing goes on and on so, to me, i don't think that's something you want to pick too much of a broader macro theme on i think it's working and dragging up the market, because the biggest names in the market happen to be the ones perceived beneficiaries. >> i think what you want to look at, historically speaking, when you've had five companies outperform the markets like what's happening now, the broader markets tend to do very well it's about about average of 11%, which means once the magnitude comes down, the broader markets tend to perform well and i think what you pointed out earlier is a really good point, the bears are still out there. there's been the huge wall of worry and bank of america did a

study, there's about 6% on america of cash in people's portfolio. at some point, that's going to go in there and push the markets higher i just think you want to be this the general markets, not just the couple companies which are overvalued >> unless it goes into cds >> yes >> here's a question for you would you put whatever amount, $1,000 into the s&p 500 or into a 4.5% cd? >> what i would do is put it in the s&p 500 but yes, most of my clients are looking at cds and treasuries because you are getting over 5%. i agree that is happening. especially from the retail investor standpoint. >> she gets dispensation -- if i had played that the way -- you would haven be right in my grill. but when courtney does it, it's okay she can change the rules of the game >> i didn't notice >> of course not you are honed in when i do it, but -- >> repeat violator over there. our next guest believes retail investors should consider riding out the market momentum. julian emanuel, senior managing director

julian, great to have you with us your price target is 4450. so -- right, you just ralgzed it so, we're within striking distance >> we are. and we made the point -- we have to acknowledge, this is an unusual market a kind of market we have not actually seen since the late 1990s, okay? this is momentum taking over, this is, you know, really getting around the whole a.i. concept, in an environment where positioning and this is actually quite remarkable, when you think about cpi tomorrow as a risk point, and you think about the fed, even though it's pretty clear that the fed is likely to pause, and then probably hike once more in july and the market's baked that in but to think that there are record net shorts in equities, record net shorts in bonds, record quote unquote longs in cash, and volatility has dropped to near zero, the lowest levels

of the pandemic, those kind of imbalances tell you that, and we made this clear in our upgrade, that it could -- the 4450 could get here by the fourth of july frankly, after today, we may not get there -- we may get there before father's day. and from our point of view, where the market goes from there is dependent on how close we perceive we're getting to the recession that we think happens at the end of this year and into early next year. >> julian, if we see a hot cpi number tomorrow, is that supportive of the market or is that a problem for the market? >> well, it shouldn't be supportive for the market -- >> that was the question >> but the market doesn't care about that right now okay so particularly since the basis effect is starting to hit. so, the last time they were looking for 4.9, now they are looking for 4.1. i could go either way. if you could come in hotter,

4.2, 4.3 the bulls are going to say, okay, it's coming down, it's going the right way, and we believe that, as well. we actually think that you could get a two handle on inflation by the time you get to early next year, which is clearly stock market supportive. but again, the market is moving on things other than macro it's a lot of momentum and big difference, whether you're an institutional investor or retail inveser to the institutional investors, who had poor years last year, it was a bear market, as we know, and who are underperforming this year, may be incurring business risk and have to participate in the upside, where as a retail investor, we've had this conversation, you are getting 5% on your cash, you don't have to do a darn thing. >> all right, nice job on your call but let me ask you this. did the stock market at its lows in october, and it really meandered around for the q-4, you know, some of the biggest stocks in the nasdaq were making lows, 52-week lows in early

january. we've had this big rip the pessimism that we saw late last year, does it basically discount a recession because you just said, you think we're going to be in a recession by the end of this year, is that already discounted >> no. we do not buy into that, okay? which is why, again, this is the time that's fraught with peril, because the most important statistic we saw was last thursday the weekly jobless claim series broke out to the upside. if that continues, we will be much closer to the start of a recession than people commonly believe right now, because they're being lulled by the market action into believing it's further off that's the -- that's the point to us where you will have maybe not all of the indices making new lows, but a number of them feeling as if they're going to, and really the same effect >> 110 basis points to maybe 40ish, back to 86 or so now, is that telling you anything or

should we not even be paying attention? >> the noise around the yield curve is just monumental from our point of view, we're working under the assumption that that 111 under was likely the trough of the inversion. therefore, actually, if you look at history, starting the countdown to the recession, which gets you towards our view of late this year or early next. and the problem the market's having is, there have been times when it happens concurrently and there's a lot of things that say, we should be in a recession already, but we're not, but then again, there's '98 to '01 and took limb three years for the recession to hit >> so, if the october lows was not -- you know, if they did not discount the recession scenario, then where do we go once we do see a recession or just prior to it from your 4450 >> so, we think, again, that there is likely to be a period of weakness that at a minimum will challenge the floor that

we've seen for the most part of the last sixor seven months, b low 4,000, probably 3800 >> oh, peril, saying it lightly. >> that's not -- i mean, that's down 12%, 13% from here, you know -- >> it sounds like you are talking down 12%, 14% in a short period of time. >> if the market gets carried away, we saw the bulls ratio break out, we've seen volatility on the lows, that's where we worry about public getting bullish at 4400, 4500, 4600, where they'd be better advised to start thinking about lightning up >> all right, julian, great to see you, as always, thank you, julian emanuel >> courtney, would you feel safer in big caps or smaller caps, more undervalued parts of the market right now >> we are in small caps and mid caps, which is a significant

discount to the market you are starting to see those perform better so, i would start to weigh a little bit more towards there, because when you look at the 500, the top eight companies now take up 26%. so, it's so concentrated right now. you want to look to other areas. >> tactically, it's been an amazing call that julian's had, so, it is effectively, his target is, we're here, he talked about the possibility for momentum to continue, which makes sense, but he outlines why you should be really worried about the back hatch of this year i'm surprised it hasn't happened yet. that's the difference. i thought we'd be here a long time before, we're not, and maybe it's the lag effect or all the money sloshing around, but it's something something doesn't really make sense to me right now. let's get to a market alert. tesla locking in a 12th straight day of gains the stock's longest winning streak on record the ev maker shares up over 37% in that period a whopping 145% since its january lows i have to go to dan. i don't mean to pick on you at all. >> you're not picking on me.

>> your acronym, because -- >> yeah. i'll just say this in late april, after that quarter which was not good, and the guidance was not good, it wasn't just me -- i wasn't selling it there after the fact, there were some of the biggest bulls on the stock that were selling the stock, you know? so, you know, it wasn't great, so, what's going on right now from $150 to $250 is a mania if you want to buy into a mania, $800 billion market cap mania that has declining fundamentals, have at it buy it right now, because that's the market that we're in things that are zeros, like, a carvana, a month and a half ago, was up 100% in a week. if that's how you want to invest in the market, then you should go do that, but that's not what i do, and that's not what i'm going to do on this program, so, like, to me, i mean, this doesn't make any sense, because the biggest bulls were saying it after that quarter, so, you're

not picking on me, i mean, i got enough of those problems in my own portfolio, but it doesn't make a lot of sense. >> i mean, for a mania to happen in a market cap of this -- >> trillion dollars. >> is really remarkable. one thing to talk about a caravan no or an amc or the mem names, but tesla is a whole other ball game. >> it is i don't know what this -- i mean, i guess you can point to a few things, but i don't even know if that's a reason why it's up some people really like this gm deal and ford deal, sharing charging i don't know if that's it. i don't know if it's twitter, that twitter will no longer be his central job, i guess there's that i'm not even sure. i think it's just more this market melt-up and this is very much in the story of what would be a market melt-up. >> affordability of the model 3, a lot of people are factors that in but you're going to have margins -- they are going to contract tesla told us that in the fall

of last year, when margins were probably in the low 20s, they said, we're going to -- margins will come down, we won't get to oem legacy automakers levels, but somewhere in between where we are now and there, this is 16%. well, we are probably high teens now and at some point, they deserve a premium valuation, but if those margins continue to contract, what is that premium think that's the rub right now >> right though it is considered an a.i. play, as well. >> yeah. >> could be caught up in that hoop la in that sector. coming up, oracle shares higher after reporting results details next. plus, jpmorgan reaching a settlement in one of the lawsuits related to jeffrey epstein. we have the details and the ba wn asn the nkhe"ft ba wn asn the nkhe"ft money" return usdd. the community.khe"ft money" return usdd. i offer what i can when i can. i started noticing my memory was slipping. i saw a prevagen commercial and i did some research on it. i started taking prevagen about three years ago.

i feel clearer in my thoughts, my memory has improved and generally just more on point. prevagen. at stores everywhere without a prescription. [office sounds] ♪upbeat music♪ ♪♪ ♪when the day that lies ahead of me♪ ♪♪ ♪seems impossible to face♪

♪a lovely day (lovely day)♪ ♪(lovely day) (lovely day)♪ ♪(lovely day)♪ a bank that knows your business grows your business. bmo. we moved out of the city so our little sophie a bank that knows your business grows your business. could appreciate nature. but then he got us t-mobile home internet.

i was just trying to improve our signal, so some of the trees had to go. i might've taken it a step too far. (chainsaw revs) (tree crashes) (chainsaw continues) (daughter screams) let's pretend for a second that you didn't let down your entire family. what would that reality look like? well i guess i would've gotten us xfinity... and we'd have a better view. do you need mulch? what, we have a ton of mulch. welcome back to "fast money. we have an earnings alert on oracle shares moving higher frank holland join bls us now w a look at the quarter. frank? >> hey, melissa. shares moved higher during the call just ceo said she felt confident raising the cap x guidelines shares are moving high on oracle cloud growth exceeding the

guidance a.i. focused cloud in infrastructure player. 54% year over year rise is acceleration prior three quarters, between 42% and 45%, but keep in mind, oracle has 2% market share the number three hyper scaler, google, has 6% so, two main segments here cloud services and license support beating estimates. same story when it comes to operating margin oracle also reported record revenue for the quarter. trading about 22 times forward earnings analysts say this is a sleeping giant offering growth and an attractive a.i. play karen? >> the run of the stock, on the way to this quarter, that was a high bar, and then, i mean, they just showed acceleration -- higher sales at a higher pace, right? so, and then, of course, there's the funny quote about, from

ellison about nvidia using their gpu cluster, you know, of how much computing power that is, so -- it's additive to the story. i know you'll hate that, dan, but i think -- >> no -- it is additive. it's all additive to the story i mean, like, so, larry ellison, the chairman of the company, said they add 2d billion in incremental, you know, cloud -- okay, and they just hit $50 billion in revenue, and so, what if this is just a rush in the near term to secure those servers, to -- >> pull forward, basically >> i think we have a lot of potential for that and i think there is this kind of mania going on right now. so -- you know, buy into it, have at it it's working you know what i mean it is a momentum trade but when the fundamentals take hold, the ability to monetize all of that doesn't, like, kind of, you know, does not show itself for a bit -- you're going to have a bit of a problem in the stocks like this >> they did remark about how their customers were cutting

costs wisely and so, somebody is feeling the pain, even though they're still spending on oracle services and maybe other software companies >> and i'm sure we'll hear from those companies that were the unwisely -- >> right >> but listen, valuation, you can wrap your head around. we talked about that for awhile for oracle not like you're reaching in terms of valuation like you are for some companies and when you hear about 50% growth in terms of cloud applications and infrastructure, that's a big number. you want to nitpick a little bit? operating margins were a tad light. that's the only thing not to like about it. valuation in this environment, something you can actually rationalize, i mean, the stock should go higher and in terms of analyst upgrade, you saw one earlier today, you are going to see more and more >> into the quarter. 22 times forward for an a.i. play, courtney >> yeah, i don't think it's an overly stretched valuation right now, but it's definitely part of this a.i. mania. people are looking for whatever the next big thing is and they are kind of in the right place at the right time, where they

have extra gpu capacity. i think they will continue to be a beneficiary of this. i don't know if i want to chase these things, but i think that momentum trade could continue. comingjpmorgan as the bank reaches a settlement with the victims of jeffrey epstein. we have a live report next. plus, missing the bulls eye. target dropping 20% over the past month, but is the weakness consumer based or a push-back against quote unquote wokeness the details and outlook for the stock ahead. you're watching "fast money" live from the mnasdaq market sie in times square. we're back right after this.ery. i'm sleeping much better. in fact, it's making me think of doing other things i've been putting off. like removing that tattoo of your first wife's name. but your mom's name is vicky too! that's even worse. ( ♪♪ ) inspire. sleep apnea innovation.

learn more and view important safety information at inspiresleep.com. ♪♪ 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, economy, generation. because grit and vision working in lockstep puts you on the path to your full potential. old school grit. new world ideas. morgan stanley. (vo) this is more than just a building. it's an ai-powered investment firm with billion-dollar views. a cutting-edge data-security enterprise. yes, with a slide. a perfect location for the world's first one-hour delivery. an inspiration for the next workout cult. and enough space for a pecan-based nutrition bar empire. it could happen. because there's space for any dream on loopnet.

the most popular place to find a space. ♪ ♪ every day, businesses everywhere are asking. is it possible? with comcast business...it is. is it possible to help keep our online platform safe from cyberthreats? so we can better protect our customer data? absolutely. can we provide health care virtually anywhere? we can help with that. is it possible to use predictive monitoring to address operations issues? we can help with that, too. with global secure networking from comcast business. it's not just possible. it's happening. welcome back to "fast money. jpmorgan reaching a tentative agreement to settle its class action lawsuit with victims of

jeffrey epstein. is bank is prepared to pay $290 million. for more, let's bring in eamon javers eamon? >> reporter: that's right, melissa. the attorneys for jane doe in this case had been racheting up pressure, as recently as friday, with a demand that jamie dimon and other executives return for additional deposition. seems like jpmorgan really wanted to clear the decks of this case overall, and you can certainly see why. documents revealed so far in the litigation showed an embarrassingly close relationship with convicted sex offender jeffrey epstein, with one executive emailing epstein from a hot tub on his private island and others brushing aside concerns about the appropriateness of continuing to do business with him after his conviction as a benchmark, we know that d deutsche bank settled for $75 million back in may. this one, obviously, much farther north of that.

in a statement, jpmorgan said, "the parties believe this settlement is in the best interest of all parties, especially the survivors who were the victims of epstein'serable abuse. any association with him was a mistake and we regret it we would have never continued to do business with him if he knew he was doing those crimes. and the u.s. virgin island's attorney general made a statement, as well now, the settlement really removes what had become a headache for jamie dimon he's one of the most iconic executives on wall street, as you all know, and everybody knows. when i asked him directly last week about this, if he was going to settle the case, he responded k curtly, that he wasn't going to talk about litigation in that moment so, clearly, one settlement now

complete the question is, they are going to settle the u.s. virgin islands piece of this, as we i asked both sides if there are negotiations going on, and neither side will comment on whether those negotiations are happening. >> eamon, does this preclude future victims from stepping forward? >> that's a good question. i don't think that it does, but i would have to double check, sort of, where this landed in terms of there being a potential class action here and any member of that class in the future. so, that's a really good question this case, though, you know, look, the email drip, drip, drip continues. u.s. virgin eye lands just filed another train ch of emails this morning, showing that people inside jpmorgan for years were raising real reservations about keeping epstein as a client. you can see why the bank would want to stop that drip, drip, drip from happening. >> eamon javers, thank you i'm surprised the case with the virgin islands have gone this

far with so much revealed, karen. it's kind of a very messy case in terms of the emails that have gone back and forth. >> yeah, well, there are two separate cases there's this case, which i'm not surprised. i always thought they would settle for a lot of reasons. i mean, one, there is -- the cost of litigating this, which, granted, to them, is just not that much, but it is also the cost to, you know, ja jamie dim mary erdoes, their staff, their emergency. that's a huge distraction. it's obviously terrible pr in the past, they have settled cases, because it's been the expedient thing to do. the u.s. virgin islands case -- how is the u.s. virgin islands not in any way responsible for this i mean, it's a ridiculous, i think, to make this claim, but i mean, they'll do it anyway, because they think there's a pot of money at the end. i think it's possible they settle that one, as well that one may be -- i don't know, more contentious, i'm not sure, but this is the right thing for

them to do >> 1.5 times book value, like, close to 1.9 times tangible book, which for jpmorgan is not stretched. just from that metric. problem, of course, is, i think, what type of environment we find us in. jamie dimon has been talking about it be prepared for 6%, 7% ininterests, so, i think he sees a challenging environment moving forward, so, banks probably should be trading at a discount to where they are historically this head and shoulders pattern from four, five years in the making, is still intact. to close above 143, different conversation, but right now, it's on the verge. coming up, real retaliation. a backlash over target's pride displays growing into a real problem for shares a big drop over the past month, and if the stock can bounce back. that's next. and carnival cruising higher as analysts say this one could make some big waves. the splash it is making in the options pits as one of the busiest names in today's

session. more oth wn asmoy" turns.he"ft ne [due at target in 5!] copy that. make a hard left down the alley. network's got you covered. [please confirm requesting back-up.] -changing route. -go. roadblock ahead. ...back up, back up... reverse! reverse! next level moments, we're 30 seconds out. need the next level network. [north corridor, hurry!] -coming through! -or 3, let's go. the network more businesses choose. transplant received. chltsd

♪ (upbeat music) ♪ ( ♪♪ ) constant contact's advanced automation lets you send the right message at the right time, every time. ( ♪♪ ) constant contact. helping the small stand tall.

welcome back the major averages all finishing the monday trade solidly in the green. the dow climbing 200

points a number of names hitting historic heights boeing, molson coors, and adobe all touching 52-week highs dr horton, pultegroup reaching all-time highs shighs. microsoft announced the deal to buy activision for $68 billion in january of last year. there's a $3 billion breakup fee in the balance here. meantime, target is posting its lowest close since july 2020 the stock is down 20% in just the past month the company facing boycotts over its pride month collections. let's break it down with mike jackson, a former senior marketing executive at coca-cola, pepsi, coors, and general motors great to see you >> good afternoon, great to see you, as well >> you are very familiar with consumer product companies here, so, what should target do?

what did they do wrong, in your view >> well, this is a challenging situation for target, because they've been selling, you know, pride-themed merchandise for over ten years, and obviously have had very low backlash, whether it be internal or external from consumers, and so, it's a tough situation that they're selling in, on the heels of everything that disney went through down in florida, so, i think it's a timing issue, but ultimately, i think they'll stay true to who they are >> if you are working with one of these companies, you worked with in the past right now, mike, would you say, read the tea leaves, look at the vurment, and stay away from these sort of political battleground sorts of issues, or stay the course, be who you are, because it's true to your corporate identity because there is a cost associated with doing that, as we've seen recently. >> yeah, it's different for every company, but in target's case, you know, they've been

very accountable, very transparent, and upholding kind of the company's core values as you know, brian cornell has done a tremendous job kind of leading that company, and so, in target's case, i think stay true to your values and ultimately be sensitive to the environment that you're selling in, and largely, we're talking about the political environment, but in target's case, they're well positioned and need to stay true to their corporate values. >> hey, mike, it's courtney here i think when we look at target, the last week of may, it was pointed out, there was almost a 15% drop in traffic in their stores and there's really two sides of the story. one is that they have a lot of discretionary items in their stores, so, with inflation kicking in, a lot of people aren't willing to go to target and spend right now, or it's a backlash on their pride gear or is it a combination of the two i really think that's what investors need to discern against, is this a short-term issue or a bigger problem with a

company. i don't know how much we can discern about that with target specifically >> yeah, i would think it's a combination of the two obviously, retail has some challenging parts of the sector and discretionary merchandise that target carries would be kind of high on that list. and then they've got a little bit of a tug of war going on, right? because they have employees who are literally upset they pulled the merchandise, and the physical threats going on, and then the huge noise on the politician side, you know, really going after target, both on the left and the right, so -- i think it's a short-term issue, it's obviously been very, very challenging over the last six weeks or so, but ultimately, i think staying true and staying to, you know, on the course that they've been on for the last couple years would be advisable. >> mike, thank you so much for joining us we do appreciate your time >> thank you >> mike jackson of 2050. karen, you own target, so what

do you think is the problem here >> like he said, i think it's a combination. walmart had an okay quarter, they talked about that tradedown that would effect target much more so, the discretionary dollar, higher margin items that target sells more of, that was bad for target this is near a low pe multiple that we've seen in the last, i mean, 2020, of course, was very noisy, but in the last five years, we haven't seen a pe multiple like this at such a discount to the market if i owned none, i would buy it, but i feel a little nauseous with what i currently own. >> yeah. i mean, if there is, you know, a backlash aspect to this, we didn't see it coming, or we didn't see it coming in terms of lasting this long for bud light. it's amazing how, you know, these things have lasted, usually they would be a short-term sort of blip, they have lasted much longer than a lot of analysts expected >> landscape has changed, without question and there will be networks that run headlines, go woke, go

broke, it rhymes, it's cute, not that cute. but i'll say this. target's been cut in half since august of 2021 so, this stock has had issues long before any of this, now this obviously isn't helping, but this isn't the problem with t target the problem is probably mostly target-specific. and very compelling valuation. the stock does not trade well. now you're starting to see analysts downgrade citi downgraded them, $132 price target or so you're going to see more people rachet down, because i think the average price target is 176, so, the entire street got this wrong right now. all right, coming up, cruising higher. analysts boarding the carnival trade, sending that stock soaring. so, it is all smooth seas ahead? that's next. plus, a charged up trade ev charging stocks all ripping higher as the tesla connector looks to become the industry standard more details on that as "fast money" returns

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. as smart... as it is beautiful. introducing the lucid air. experience the best. ♪

ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're sitting on a goldmine. call

coventry direct today at the number on your screen, or visit coventrydirect.com. ahhh! icy hot pro starts working instantly. with two max-strength pain relievers, so you can rise from pain like a pro. icy hot pro. welcome back carnival cruiselines soaring to a new 52-week high today after upgrades from jpmorgan and bank of america the options were seeing lots of interest mike khouw's got the action. kind of unusual, mike, huh >> most definitely is.

this is not one of the teams we see in the top ten most active single stock options, buzz it was today and traded six times its average daily call volume. the business yegs contract were the august 15 calls. well over 33,000 of those trading for $1.45 a contract now, most of that activity was the result of an institutional trading rolling up and out on a bullish position that they entered into in early may. they own the july 11s. but they've already booked substantial profits and they're betting there could be at least another 12% upside by august expiration >> wow 12%. it's funny, because just before the show, we talked about the kinds of svacations we would never want to go on, and buy specifically said a cruise >> throw me under the bus. for a number of reasons. >> it's not like i'm throwing you under the bus. >> the main reason -- by the way, there are a laundry list of reasons. the main reason is, i can watch "dangerous catch" on the

television -- deadliest, whatever i get nauseous on a boat you don't want me getting sick with the rest of the passengers. that's not a good thing. >> for the good of the others. >> with that said, there's no shot of me getting on even if i didn't get seasick >> you don't like cruises, but you like this stock? >> yes for context, though, i mean, this was a $70 something stock in 2018, not that that matters it's doubled over the last couple of it's stil extraordinarily depressed. we've seen stocks like this go from 6 to 15 to 22 in a number of weeks i think they report on june 26, probably rallies into earnings >> all right i thought dan was going to chime in he doesn't want to go on a cruise, either thank you, mike. coming up, we're plugging into the charging trade, as ev charger stocks soar. how tesla's connected to the move ahead. and throughout june, cnbc is celebrating pride mount.

here 's indeed svp of environmental, social and governance >> lgbtq, the letters and identities intersect with race and ethnicity and disabilities, and really focusing on an environment where people feel like they belong, where they feel that safety and being themselves, that is what companies can do right now to make sure that people can show up as their best self.

did you ever stress about us having three kids? no, that was always part of the plan. three kids?! this was never part of the plan! these kids order the lobster mac 'n cheese! what if she wants to play golf? we're going to have to outlaw golf. absolutely no golf in this house! not under my roof! since we started working with empower, all of our financial questions have been answered, so we don't have to worry. so you never- nope. always part of the plan. join 17 million people and take control of your financial future to empower what's next. start today at empower.com ready to take your business to the next level? scale it with the commerce platform, made for entrepreneurs. shopify is specially designed to help you grow your business. with easy, customizable themes that let you build your brand. marketing tools that get your products out there. yeah, way out there. shipping solutions

that actually save you time. and that's just the beginning. from start ups to scale ups. online, in person and on the go. shopify, your all in one commerce platform.

welcome back to "fast money. electric vehicle charging companies surging higher after announcing they will support tesla's charging connector blink, chargepoint and wallbox moving between 5% to 9% on these news and this comes after tesla announced a new network partnership with ford, and of course, before that, with gm for more, let's bring in electric editor and chief fred lambert. great to have you with us. >> thanks for having me. >> nacs becomes the de facto

standard, what do the other charging xeefls have to do, and, you know, what was surprising, not surprising, but what we saw initially when the ford and the gm announcements were made, all these charges companies sold off and now they've gained back some of those losses. is it as easy as that, can they just offer this new technology and that's that? >> yeah, the -- it's just a connector, so they were already offering several different connector for a periodf time so, it's nothing too unusual for them to change a connector, and if anything, it's -- it was more about the market being a little bit confused about this situation, what was happening, because overall, it's good news for everyone, because it -- now it gives all these charging station operator and manufacturer access to much bigger market in ev industry, which is tesla vehicle, which is the majority of the ev market in north america. >> do you have a sense on how tesla benefits i understand that they open nacs

technology up to other parties back in november, but do these companies have to manufacture through tesla, do they have to license the technology >> tesla is making it an open standard so, there's not going to be any licensing cost or anything like that my understanding is that tesla is prepared to help anything that is going to need those connectors, so, probably going to manufacture them for them for a period of time, but all of the charging station manufacture can manufacture them themselves through the connector, so, on that front, tesla doesn't benefit much, really >> so, talk to us a little bit about the landscape here it seems that there's, you know, 20,000, 30,000 chargepoint connector stations, evgo, you see the names up there, this is something that's going to be very competitive or will it be now somewhat now more collaborative now that there's a standard here? investors are not running into these smaller cap names thinking that this is going to be some huge boon for them, and to us,

it doesn't mean that tesla is going to run away with this business, because they are smaller player than all of those names combined >> so, the biggest win is really for the consumer right now, that's going to have one unified standard, if everything goes well, like it has -- like the unofficial standard right now, nacs, but if the progress that way, the consumer wins with the unified standard and the design of the plug is going to be just better, easier to handle, all that but for these companies, the -- now they will have easier access to this bigger market , which ar tesla owners, however, it's not exactly clear just how big of a push it's going to be for them, because tesla already was offering adapters for these owners, you could choose to use the ccs network of these evgo chargepoint and all that, and the thing is, for the most part, tesla owners don't use them, because the supercharger network is just so much better, more reliability, more -- they are

available in more location with more chargers per station. so, really, these -- all these stocks, they're going to have to up their game in charge thing network to get some of that market share from tesla. >> it's karen, thank you for being on there's some disgruntled tesla car owners out there who are concerned that with this gm and ford tieup that they're going to face longer lines, i know they'll be building more stations, but how do you think that will play out >> it's going to be a bit messy for the next year or two, until the markets settle into this new nacs being the unified standard, but tesla has the big advantage of having access to a lot of data, so, they know exactly how their station are being used, and by whom and obviously onboarding new electric vehicles, those vehicles have their own charge time, so, it could result in longer wait time at some charging station, but

overall, tesla, it's more business for tesla, so, they just going to use that informationto deploy more charging station where they need to, so, yeah, it could be difficult, but i think long-term, it's a win for tesla owners, too. >> great to speak with you, thank you. >> my pleasure >> fred lambert of electric. >> chargepoint shareholders were gruntled today -- >> for sure. >> nice job. >> but they've been disgruntled for the last three years if you look at the stock, it was a $50 stock. they lose money, look at the last quarter, margins are seemingly deteriorating. i mean, this is an environment where they should be doing well and quite frankly, they're not up next, final trades.

this is dr. arnold t. petsworth, he's the owner of petsworth vetworld. business was steady, but then an influx of new four-legged friends changed everything. dr. petsworth welcomed these new patients. the only problem? more appointments meant he needed more space. that's when dr. petsworth turned to his american express business card, which offers flexible spending limits that adapt with his business. he used his card to furnish a new exam room, and everyone was happy. built for dr. petsworth business. built for your business. amex business. with gold bond... you can age on your own terms. retinol overnight means... the smoothing benefits of retinol. are now for your whole body. plus, fast-working crepe corrector diminishes wrinkled skin in just two days. gold bond. champion your skin. ah, these bills are crazy. she

has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com.

final trade time courtney >> xle energy is one of the worst performing sectors, but now one of the cheapest. >> karen >> a long that theme of one of the worst performers for the year, i'm going with target, which it's as wide a multiple spread it's been with malwalmar.

>> dan >> pfizer. >> fun show. >> because we are all here nice when we're together, isn't it a amat, mel. >> thank you for watching "fast money. see you back here tomorrow at 5:00 meantime, "mad money" with jim cramer starts right now. "mad m cramer starts right now. my mission is simple, to make you money i'm here to level the playing field for all investors. there's always a bull market somewhere, and i promise to help you find it. "mad money" starts now hey, i'm cramer. welcome to "mad money. welcome to cramerica other people want to make friends. i'm just trying to make a little money. my job is not just to entertain, but to put the whole craziness into some sort of rational world. so call me at kuala lumpur or tweet me @jimcramer. another day of endless complaints of ho