they decreased the stake in banc of america and j.c. morgan, tepper added 8.8 million shares of banc of america and paired back of his stakes in many of the pharmaceuticals. >> leslie, i'm curious, when it comes to tepper's slayers in snap, could this be a reflection of the ipo? >> certainly, these holdings are reflective of anything they held at the end of the quarter march 31st. it's absolutely an allocation in the ipo, which as you know, a lot of hedge fund managers tend to flip on hot ipos like snap that went way up on the first day of trading. >> leslie, thank you. is this a second life for shares of snap? or should we say, oh, you know what, this is the shares, the allocation of things you bought the from the start? >> certainly, it's a scale reading of where these guys were. there is no question, they could have traded snap aggressively. i think a lot of people can be aggressive, not in the name or traded out of it. not necessarily feel, put it this way, they could be positive on the stock but not need to own it here. i think peop

year for the first four-and-a-half months of the year, so the consumer is healthy. >> that was banc of america moynihan talking about the overall economy in an exclusive earlier today. >> that should scare the heck out of you. any of these retail names, in general, the solicits in spending habits by millennial versus dominated a theme here. clothing companies are gettingle anilated. will they come back? i don't know they will. the shift versus occurred. you see travel becoming much more of dollars are headed in that direction. i like companies like visa, they're transaction based, they will continue to win. >> i would bring that right to the banks the loan growth the money center banks, they are hinged to the consumer. the housing market has structural issues, but it doesn't have themematic issues, that's a tail wind. banc of america is a name that has the most operational. 2003 was the level it had to hold. it did not. i'd love to see you get above there. >> just because the consumer is spending, doesn't mean it's healthy. >> c'mon, you sound like me. i said that for years, don't confuse, whe

morgan, banc of america, citigrourngs all happen up ward sloping 200 day averages t. bank stocks, the oil stock is not the case. these are down trends, versus up trends. i want to sell strength and down trends, i'd be more inclined to put money to work here. citigroup is acting better. it hit a new high, let's keep that one up in mind. >> i'm curious if we look back at oil, we see the 2014, 2016 decline, this looks like a correction of that down trend. does that then mean we break lower and go below the 2016 low? >> i think this means no one makes any money for the next number of years. >> years? >> remember '01,' 02, longs an shorts you were frustrated. banks were frustrated for seven, nine years. energy is 6% of the s&p. if you are spending any more than 25 minutes of your time is too much. this is probably dead money for a long time. there will be tradeable opportunities. there is a couple stocks here and there that look okay. don't confuse that with secular leadership. it doesn't take a share of the pie here. >> chris, why are ten or 11 movers you articulate on th

when i think, i think banc of america in 2004, ultimately at a time when they were soaking up banks. or turf, once again, bank of america is the stock i'm picking as my fleet week. >> you sure you are picking that one? >> oh, yeah. >> by the way, we are playing love boat music for anybody who might be too young. >> to me nothing says love boat more than that natural gas. >> store mlp, i like the glng story. happy memorial day and thank you for your service. >> absolutely. >> good words. >> ingersoll-rand, they recently bought train, it's up 20%. i think this chart looks constructive. ir is there what was wrong with julily the cruise director? >> julie is the cruise director on the show and off. >> she has quite a party life. >> ted lavrpg was quite the party tender. >> how do you are you drinkingpy pina colada's? >> remember a year ago, a great interview. look at it now. none of this valuation. now look what's happening. now there are people saying they might buy the cruise line, mna kicker too boot. happy memorial day. >> happy memorial day, erica. >> oh, yeah. >> more "options actio

now the nasdaq is the most crowded trade, at least according to banc of america, a new survey of global fund manager. 26% of those surveyed are long the index. the tech giant continues to dominate, am "son, netflix, google. hedge funds are piling into the big names too in the first quarter. even steve eisman said he is long facebook andmazon. is the tech room more crowded or more room to run? >> i think there's more room to run. you look at the technology stocks, whether it's the apple, microsoft, you go down the list. you start to look at these companies, some of them are a little higher. i think we have to reprice or how we look at these companies in terms of what the valuation really should be. are they valued as this kind of a company or that kind of a company? as they move to cloud and other areas of growth, i think that changes up the dynamic how they should be priced. a brand may be too expensive? i think they're too cheap. i think there is plenty of upside. >> i am in a couple of things. i think the valuation is still attractive. i do not give a lot of weight to something like t

of latin america. these are places to go. >> we want to go into the no fang zone tonight. there is this notion that tech is very crowded right now. banc of america and merrill lynch have a survey out saying the number of overweight technology is the highest on record sense they tracked this back in 2008 a. lot is being driven by a 71% overweight in fang specifically. so you go into the no fang zone, pete. >> right. >> because they theoretically. >> it's a track. >> just to add a few more of these names. >> yes. >> we talk all the ability tech names. all of a sudden you throw out a visa. look at the production out of that one. how about western digital? how about skyworks solution? any chip that's related to apple and apple is not a part of the fang, throw apple in there as well. throw in something like sales force. you look at these names, they have an incredible p.e.. that's a dangerous stock. it's trading near the 52-week shy. there are tradeable areas i think. >> are you talking ability a valuation? >> i'm not scared of it at all. i think they own a lot of the cloud space, microsoft is another one. we talk about it all the time. th

there was money that was being laundered out of russia and that it not just went through deutsche banc, it also went through citibank and allegedly bank of america, which means if i were to get a loan for my home from bank of america, then they could say, oh, well, you know, the russians were lending you money via bank of america. so you can see, you know, once money comes into this system, it gets very, very hard to trace, and that's one of the challenges of all of this. but nonetheless, they want to make it a story. we're going to go to karl rove right now with more on this because, carl, in many ways, he's kind of losing the narrative here. the democrats are getting the upper hand as we watched of course the testimony of brennon just yesterday, and you continue to hear this idea that somehow donald trump and his campaign colluded with the russians. what is your advice right now? what would you tell him? how does he turn it around? >> well, there needs to be a voice, preferably not in the white house. preferably not the president that says once again, we have people out there making these political claims tarnishing the reputation of our count