nice to see you here in person mike khouw, your thoughts? >> yeah, i mean, when i take a look at a name like pfizer, which is -- it's kind of interesting. this is valued within spitting distance, give or take, of where the company was seven years ago. we had that huge runup related to the pandemic and the vaccines, obviously a lot of that is coming back out of it now. but you know, call it a $230 billion enterprise value, this is a company that's probably going to make $3.30, 3.50s the, that's not exceptionally expensive. so, there are some places that you can be in it and of course, these companies will aggressively, i think, try to pursue product they can extract some value out of. >> on first read, it looks like a lot of this is being painted with very proud brush strokes and that's what we're all speaking to here the other question i have is really how this is going to impact m and a activity. are they going to put the clamps on companies merging or acquiring one -- >> they have in other industries >> you would expect it to happen here,

this is "options action" live from the nasdaq market site on the desk tonight we have mike khouw, bonnisen, and tim seymour, and first-half hotties, nvidia up nearly 200%. meta jumping 40%, and tesla driving more than 100% higher. ge, salesforce and more locking in soft gains in the first half. will they keep this running going in the second. that is the key question tell us the answer, tim. >> well, i tell you, you talk about nvidia, and you talk about one of the greatest momentum moves we've seen in any stock of all time i think it's, you know, options traders are certainly planning on how or part of the strategy is how you deal with that upside vol you've had and how you look at the future. when i look at a facebook where i think around a.i., and we just recently talked about this 27% of their content is a.i. driven, i actually think they're in a position in the second half to continue to ride because that multiple is much less demanding than some of these other names netflix is a name i've been long and i'm starting to fade the position none of this is about a.i. for netflix. it's

. >> mike khouw, what do you think of these first half hotties? can they continue to run >> they certainly could. we have seen high flying stocks in other sort of, you know, bullish areas continue for extended periods, and certainly names like nvidia could continue options traders are seemingly quite optimistic this is one of the most active names. if you want to understand what they're thinking, you can take a look at options volumes and nvidia has been in the top ten consistently i think it was number four today and if you look at it on a notional basis, even higher. the thing is these kinds of valuations if you're a longer term investor, sort of talking about the first half and looking ahead to the second half and beyond, it's a little bit harder for a name like this to really stay ahead i happen to think that a lot of the economic data we've been getting lately seems better than we might have otherwise expected if i was going to be picking things to be long for the second half, this isn't the place i'd put new money to work. >> fair enough bon

used car lot with carmax and adobe we're live from the nasdaq market sitele on the desk tonight, mike khouw, carter worth, and brian stutland. the s&p breaking a six-day winning streak, but still notching its best streak since march. the move comes after the pause, leaving rates unchange after ten consecutive hikes but signaling there could be two later this year mike >> we got well telegraphed communications, i think, from the fed. they were signaling that there was a pause that was going to be possible they signalled hawkish activity on the back of that. that's what we got i think they're basically trying to navigate this in a ticklish way. when i was taking a look at the data before the results came out, the cpi numbers look okay the fed's preferred pressure is pce. the core inflation on the other side at 5.3 was a little bit high, and i think that's still pretty ticklish. i think people shouldn't underestimate that sign they might give us some more rate hikes, despite the fact that i think a lot of people think this might be it. >> carter, what's interesting, too, is we continue to see

. >>> this is on the desk tonight, mike khouw, carter worth, and brian stutland stocks closing loweroday still notching its best week since march. the move comes after wednesday's fed pause, leaving ban rates unchanged after ten consecutive hikes by signaling two more increases later this year mike, what do you make of this action here? >> yeah, i mean, i'm not that surprised by the price actio when you consider that this is -- really, we got very well telegraphed communications, i think, from the fed. they were signaling that there was a pause that was going to be possible they signalled that there was going to be some hawkish activity on the back of that that's exactly what we got i think they're basically trying to navigate this in a fairly ticklish way when i was taking a look at the inflation data we got before the fed actually, the fmoc results came out, you know the cpi numbers look okay, the preferred measure of inflation is pce. the core inflation on the othe side, though, at 5/3 was high, and that's still ticklish. people shouldn't underestimate that sign they might actuall

on the desk, mike khouw, carter worth and brian stetland as we mentioned, the markets with a much better than expected employment data. the nasdaq leading the way notching its sixth straight winning week it wasn't just the megacaps this week the russell 2000 logged its best day of the year closing above the 200-day moving average for the first time since march, but an internal indicator we'll talk more about in a moment, the vix, hitting its lowest level since july of 2021 carter, you were taking a look at this market through the lens of weightings. explain. >> right so we have with the ongoing strength of the largest cap names versus the average stock, we have a spread now that it was only seeing basically during the financial crisis and at the covid low. so the way to think of it is this, either the high flyers, the market in general is going to sink and the high flyers are going to sink more or the market keeps advancing, in which case the laggards start to play catchup, but the reading we have now seen only during the financial crisis and at the covid low, either we're that bad, i do

mike khouw's got the action. id see apple as the second-busiest single stock option today, mostly short call buying, most of that expiring at the end of the week. the largest activity we saw that does not expire tomorrow was the july 14th 197.5 calls, we saw that trading i will say while the stock hit these all-time highs, the options are trading essentially at five-year lows in terms of implied volatility people are probably just a fear of missing out, cheap built to the upside i don't know that this is necessarily chasing the stock. >> mike, thank you mike khouw for more options action, tune into the full show tomorrow at 5:30 p.m. eastern time. >>> up next, final trades. you ok, man? the internet is telling me a million different ways i should be trading. look! what's up my trade dogs? you should be listening to me. you want to be rich like me? you want to trust me on this one. [inaudible] wow! yeah! it's time to take control of your investing education. cut through the noise with best-in-class education resour

tech folks that i know have not left and they're kind of doubling down in the way they see it >> mike khouwings, he's been listening to this. he, you know, is one of these guys who has moved away from big cities moved back, so, mike, what are your thoughts on this and san francisco as a place to be >> i think it's going to take a little bit of time to recover, honestly let's take a look. first of all, the retail situation is quite grim. most of the big retailers down in the market street area that are closing. we can see where the prices of office spaces are trading. 350 california just went for $220 a square foot 550 california, a $350,000 square foot office building that wells fargo bought in 2005 just went for $120 a square foot, okay those are, you know, 70% to 80% declines in value. so, you want to see business return and you kneneed to have retail return. i don't know why thothems are going to come back, if you don't have a reason to be in the city. if there's no shopping, no business, it's going to be tough. >> occupancy will go up if three closed down. that's the kind of thing that

stock finishing well off its highs but options trader are betting on big gains mike khouw's got the action> yeah, lucid was one of the his best ebusiest single stock today. traded more than three times its average daily call volume and the busiest contract 50,000 of those trade for a quarter of a contract. buyers are obviously betting that the slight bump we saw today could actually accelerate by the end of the week but i would also point out, this is a stock with a fairly financial short interest and it's seen a big decline, so, some of this could just be expecting some kind of a rebound. >> guy, what did you make of this move? >> should have been a bigger move we're talking about a stock that recently made a multiyear low at $5.45 or something the bounce was somewhat anemic people are going to be playing for a huge percentage bounce i love that great friday night show at 5:30, what do they call it >> "options action." >> tune in only been on for more than a decade well more than a decade at this point. mike, thank you. mike khouw for more options action, be sure to tune into the full sho

broader tape and a sector that's done well, there's a reason for it >> right >> mike, thank you mike khouwtions action, tune into the full show, friday, 5:30 p.m. eastern time. >>> after the break, a real trip psychedelic therapy the next cannabis how medicinal mushrooms ar entering the main stream and how can you invest, when "fast ne rurns good luck. td ameritrade, this is anna. hi anna, this position is all over the place, help! hey professor, subscriptions are down but that's only an estimated 15% of their valuation. do you think the market is overreacting? how'd you know that? the company profile tool, in thinkorswim®. yes, i love you!! please ignore that. td ameritrade. award-winning customer service that has your back. >>> welcome back to "fast money. wall street is making big bets that psychedelic drugs could soon go main stream as treatments for mental health millions being poured into research on the psychedelic assisted therapies it could grow faster than the cannabis market. the market valuation could reach nearly $12 billion by 2029 here to weigh in on the progress is michael

on the desk, mike khouw, carter worth and brian sullivan the fed is expected to meet for a highly anticipated meeting the markets rally and the volatility index fell before turning higher some ma o say it could be good carter, kick it off. >> before we look at the charts, it's important be to note the real data point was the inverse of every week the last two or three weeks. the top 50 index, top 50 s&p was down up but only slightly was the oex. then the s&p 500, up 39 basis points you keep going the midcap up 147 and the russell, small cap, up almost 200. that is the exact reverse pattern we've seen week after week with the larger you are, the more you've outperformed finally, participation from laggards the first chart is the s&p 500 what's so important is how precise today's high was relative to the august high. in fact, they're within pennies as you can see we hit our head there and closed poorly for all intents and purposes the second iteration puts in lines to sort of depict the circumstance and the issue is do we press above the august high or do we check back towards the up trend line

on the desk tonight, mike khouw, carter worth and brian stutland. fed meets next week for a highly anticipated decision on whether to take a breather from his rate hiking campaign while the markets rallied this week and volatility expelled before turning higher today some say a shift could accompany that decision. carter, kick it off. >> before we look at the charts, it's important to note of course that the real data point on the week was the inverse of every week for the last two or three months, which is to say the top 50 index, the top 50 s&p was down and then up but only slightly was the oex, the top 2,500 then the s&p 500, up 39 days points and you keep going the midcap was up 147, then the russell up almost 200. that's the exact reverse pattern we've seen week after week the larger you are, the more you've outperformed some finally participation from laggards. the first chart we have is the s&p 500. what's so important is how precise today's high was relative to the august high. in fact, they're within pennies, as you can see, and we hit our

mike khouw for more options action, tune into the full show that is tomorrow, 5:30 p.m.ime. >>> coming up, a pop and a drop in the consumer sector what is causing these stocks to move in opposite directions? we've got the actions and the trade straight ahead for "fast money" in two. >>> welcome back to "fast money. buzz kill on kroger. shares of the grocery store chain dropping near by 3% after missing revenue estimates and just beating earnings. the company warning lower end consumers are spending less as economic conditions worsen maybe we shouldn't be so surprised when we hear about the dollar stores talking about their consumers going to food banks now, guy >> it shouldn't be surprise. there's no earnings growth here. you heard what they just said. at some place, there's a value play here, but it's unfortunately not at these levels the low that we saw over the last couple months was about 43 1/2, looks like it's going to take that out. this stock has a chance to probably trade into the high 30s and maybe take another look based on what they just said >> all right, th

used car lot with carmax and adobe we're live from the nasdaq market sitele on the desk tonight, mike khouw

will mike khouw stay in this name we have the trade ahead on oa you're watching "fast money" in timesback right after this. 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. ♪ >>> we've got some news here on changes to the s&p 500 palo alto networks is going to replace the dish network palo alto going in, dish coming out. the shares are on the move in the after hours. palo alto up 4%, dish down just about 4% let's move on. up here today very weak week for dollar general the stock dropping 20% in the last four days most of it coming yesterday. it was dg's second worst week on record guy, i thought this was supposed to perform in bad times fwhere the consumer, particularly low income, is under pressure. >> i'm sure they thought that as well that's what i thought. this stock in october was making all-time highs lots has changed look at their inventory build, 21% off of 8% growth listen to their commentary they've made some disastrous comments about the consumer goi

mike khouw, carter worth, and brian stutland the feds meet next week on a highly anticipated decision on whether to take a breather from rate hiking campaign the volatility fell, carter, kick it off. >> right, before we look at the charts it's important to note, of course, that the real data point on the week was the inverse of every week for the last two or three month, which is to say the top 50 index, top 50 s&p was down. and then up, but only slightly, was the oex, the top 100, up 25 basis points the s&p, 500, up 39 basis points the midcap up 147 and the russell up almost 200, the exact reverse pattern we've seen week after week with the larger you are, the more you've outperformed so finally, some participation from laggers but let's look at a chart or two. the firstchart we have is the s&p 500, what's so important is how precise today's high was relative to the august high, in fact they're within pennies as you can see, and we hit our head there, and closed poorly, for all intents and purposes the second iteration puts in some lines to sort of depict the circumstance, and the is

on the deck, mike khouw.or the second half, do you stay bunched in the winners like everyone else or look somewhere new or old, the case of lemmings versus lone wolves what do the technicals tell us here, carter >> there are circumstances where there are things that are loved to the extent that one has to question are they overloved? if you look at the performance of the s&p, the broad index beat it up and the russell 2000 beat that and that's where alpha will be jen rate here do you continue to favor the largest and steepest and most extended and most loved names, or does one start to favor those that have lagged, and so if you look at some of the relationships between these indices, and we have some charges that will do that, one way is to look at the relationship between the equal-weight s&p and the actual weight s&p that's simply a line that depicts one thing divided by another. if we put the moving average in, and you'll see in the next iteration, that this current circumstance, this overdone to the down

. >> mike khouw? >> rsp is the average stock but their options prices are below average so i would buy clsn al i rsp. >> that does >>> my mission is simple, to make you money. i am here to level the playing field for all investors. there's always a bull market somewhere. i promise to help you find it. mad money starts now. >> hey, i am kramer. welcome to "mad money.". my job is not just to entertain, so call me or tweet me at jim cramer. now, for weeks, i told you about the market. by the time something good happens, it's already too late to swap back in at the lower level. you won't get lower level. we have good news in the form of a strong labor report. a true goldilocks set of numbers. so the s&p is up above 1.45%. it was a real good day for the bowl. what is going on situation anyway? everything kind of works out right. i don't think that will always be true. i think it's the same report for me this morning. it makes it more likely that we will pause and ponder this next week by the need to tighte

. >> mike khouw. >> beer over coffee. i like constellation brands. >> that does it for us happy father's day, everybody. have a great long weekend. we're back here next friday, >>> 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 >>> hi, i'm cramer welcome to "mad money. welcome to cramerica i'm just trying to save you a little bit of money. my job, educate, teach, put into context. call me. tweet me what a run we've had almost too good to be true even as it fizzled, dow only finished 109 points while the s&p dipped and nasdaq lost started out okay day then got close. probably because cash is paying so much. possibly because the fed does nothing but scare us constantly. there's still plenty of money on the sidelines. if we get the long awaited selloff a lot of people feel will happen, including me. five weeks of gains, it would make sense probably won't be that devastating because

mike khouw has the action. hi, mike >> hi there.g a look at pbr this thing traded seven times its average daily put volume most of that, the result of a single large trade somebody bought 80,000 of the july 14 v/13 put spreads. spent 22 cents a contract for that the buyer obviously bets that the recent rally that the shares have seen mail reverse, and we could go back to those earlier lows that we saw at the beginning of this year >> all right, mike, thank you very much. guy, what do you make -- >> makes sense if you look, i don't know if you can throw a chart up, but back in march, it traded up to 15 and failed and we're basically right there now. this is a logical level where you should be taking money off the table, so, mike is probably spot on. by the way, dan, that show, what is that show on -- >> oa. >> friday? >> friday, 5:30. >> courtney will be hosting tomorrow. >> sure will you don't want to miss it. going to be a great one. >> never do. >> that full episode is at 5:30 tomorrow, friday. >>> coming up, our guy, he knows his

mike khouw has the action. mike >> yeah, netflix always one of the busiest single stock options.calls outpacing puts by more than 2 to 1. most of that active till concentrated in calls that expire tomorrow, but the most active contract that expires beyond that were the june 30th, that's the month ending 500-strike calls we saw 8,500 of those trading for a little over a buck a contract that's a small percentage of the current stock price. buyers of those calls betting that this big run we've seen could continue for another month. that would be a bet that there's another 25% of upside, but of course, actually a low probability of that, implied by the options market right now about 10%. >> you had options action in -- >> i had my own options action one of the few times i've been able to buy a stock. the p.e. at that time was about 20, which is amazing now it's now in the mid 30s. what a fantastic run i feel like i have to take some money off the table. >> thank you, mike for more options action, tune into the full show tomorrow, 5:30 eastern time. >>> the wealthy are still sitting o

mike khouw's got the action there. ah, cameco saw more than four times the average calls, outpacing puts by six to one one of the areas we saw a lot of work, the event 32 calls, 2 1/2 bucks a contract over 4,100 of those ended up changing hands buyers are betting that the bump could continue through the end of summer. they are looking for a move of probably nine-plus percent by september. >> mike, thank you for more options action, tune into the full show, that's friday, 5:30 eastern time. >>> next, we're pumping into oil. how should you position in the energy space ker guest next will lay out our ta "fast money" is back right after this 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. fresh, warm hot dogs! when i'm not selling hot dogs, i invest in a fund that advances innovations like robotics. fresh, warm hot dogs, straight out of my torso! one for you, one for you. oh, you're a messy one. cool, right? so cool. anyone can become an ag

today after upgrades from jpmorgan and bank of america the options were seeing lots of interest mike khouw's 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 na

mike khouw has the action. >> right now, the options markets implying a move of 5.5% by the end of thet earnings we saw calls basically trading 3.3 times the average daily volume and the busiest of those was the july 55s we saw just under 1,500 of those trading for just under a buck. buyers are obviously betting that the stock is going to continue to rally. >> thank you, mike for more options action, tune into the full show, friday, 5:30 p.m. eastern time. >>> coming up, we're watching shares of exact sciences the ceo will join us live for a deep dive on what isth means for investors and patients more "fast money" in two ♪ old school wisdom, with a passion for what's possible. that's what you get from the morgan stanley client experience. you get listening more than talking, and a personalized plan built on insights and innovative technology. you get grit, vision, and the creativity to guide you through a changing world. ♪ >>> welcome back to "fast money. exact sciences shares popping after the company announced positive trial results for its next genc colorectal cancer test joining us

meantime, brond sentiment among options traders is a little mixed ahead of tomorrow's fed decision mike khouw'sent is kind of in alignment with what we were just hearing. so, the two most active etf options, the two most active options contracts in general, are spy and qqq. not surprisingly if we take a look at spy, what we're seeing is that we're ma marginally seeing bullish activity outpacing bearish activity and the busiest contract there today was the 437 calls. we saw those trading for 35 cents. if you look at the tech side, by contrast, there, the sentiment was just narrowly bearish and the busiest contracts were the 360 strike puts that expire at the end of this week and those were trading for a little bit more. i want to make one quick point here, too. it was more retaily on the spy those were very small trades, nine contracts average, bets of about $300 less than the 10 tho,000 you are suggesting and rsp, the equal weight, that saw the most bullish activity looking out to the end of the year >> mike, thank you for more options action, tune into the full show friday, 50 :3 eastern time