Lipton with the details. Josh so melissa, apple of course already designs processors for iphones, ipads and watches now it is the macs turn apple has reportedly planned to announce later this month that it is switching from intel chips on its Mac Computers instead, macs will have an arm based chip designed by apple apple stock is on a roll the team at ever core likes what they heard here. They say apples ability to design chips like this inhouse is under appreciated by investors in their opinion as they believe this can help give Gross Margins a boost. The report indicates these new chips are more power efficient with better graphics lighter, thinner macs could be on the way if these machines are attractive, it could help them stand apart from laptop rifvals bottom line, how concerned should intel investors be by all this this wont have a big Financial Impact for the chip giant. By his math, apple is a low single digit customer. But it could have a reputation impact if consumers get more comfortable with intel alternatives. This is mainly focused on the processor for the macs but is there any belief that this could be a precursor to making processors for other devices . Apple already designs processors for other devices its chip guru, of course investors like this. You can understand the potential benefits there in terms of cost savings, in terms of competitive advantages of course theres risks there too. By the end of the day cook and his team will have to execute on that what do we make on this run here on apple . Could this be an advantage if you control more of your supply chain, theoretically that could be good for things like gross margin you would think you would think it would help margins a lot. With that said, apples historically known to squeeze their suppliers. Maybe margins wont improve as much as we think youre trying to find a place where we can buy it again. The level you have to buy it, i think, is at 325 level or so which was the previous alltime high thats where youre looking for a reentry point. I think the next level on the downside is right around the 290 level. Bear in mind, weve seen this over the last couple of years. You have significant moves to the downside in apple every once in a while we saw it in the fall of 2018 when the stock went from 225 to 150. We obviously saw it recently in a move from 325 down to 240. It does give you opportunity i think the first reentry level is that 325 point. Ill mention this as well. The good news about this today, it didnt do it on ridiculously high volume, which means to me it wasnt some buying capitulation probably, a lot of that has to do with the absolute price weve been averaging probably 45 million shares or so a day on apple. I think thats a good sign Going Forward. Whats your take on the broader reason apples making this run well, its interesting, because yeah, if you look at the move in apple today, whenever apple moves 3 and were talking about a 1. 4 trillion company so you can all do the math. The level guy is talking about at 3. 25 was a couple of days ago but it outperformed the underperformance in intel. This isnt necessarily a dark day for intel. This expectation has been bandied about for intel. Back to apple, i think its a combination of the fact that potentially more exciting graphics, more exciting a. I. Dynamics, certainly a more modern macbook if the chip is thinner, lighter battery, kind of a sexier story to the macbook which is not a big needle mover i do think this is about pushing on the supply chain, about vertical integration i think its interesting to note also that in mega cap tech land this is the valuation during these times, covid19 and wherever the consumer is going to be, that apple may be the most defensible valuation of the mega cap of the stocks who all had a massive day today. Again, 22 or 23times seems to be the consensus, thats a blended multiple company iphones and services 1625 thats where apple moves today. How do you see the valuation, karen . I see it as a little bit stretched. Obviously weve been talking for a couple years now about the migration of the Business Model towards a more steady stream of services clearly thats a higher multiple remember, theres a Hardware Company inside here. So that deserves a much lower multiple whats the right blend im not really sure. Well see how the revenue seems to evolve toward more services but i think as tim mentioned, there was a giant fang rally today. Part of the apple move was that. If these are better chips and it makes for a bet e. Ter product, thats great making your own is not without risk you do control the supply chain, which as weve seen, that can be troubling. Thats a good thing. I dont know how much of the move there was really on this. I feel like more of it was this sort of fang rotation. Theyre clearly a fang stock i was really surprised how strongly the fangs did today in what i guess was somewhat of a kind of, i dont know, rotation a little bit back. But still im hanging onto apple. Im a little bit nervous at the valuation, but i dont have a better idea. Are you nervous, grasso, about apple specifically exactly im nervous about everything apple is overbought so its registering as 77 on rsi thats number one. Number two, Services Everyone talked about that, 46 billion. So im not so nervous about that arm of the story i do believe that it is breaking out on a chart so i think youre okay even though its overbought but now lets flip it. If i go the other way with the semiconductors, i think what is the headwind for an intel could be a tail wind for an invidea up you know what i like to do would you rather im staying in apple but i would go amd on a would you rather on the semiconductors. I didnt ask, but im glad you did that, i think. I dont think there has been a single show youve been on where you did not sell would you rather, but ill let that go would you agree, guy, in terms of a loss for intel being the gain of an amd, one bloomberg report said one of the reasons apple was making this move was because the annual chip performance gains for intel werent that strong. They were slowing down thats an overall problem. It may not be a problem today, but it might be a problem a year from now or two years from now yeah. I know youre a Molly Hatchett fan, when i say one mans pleasure is another mans pain, you know exactly what im talking about. I think the fact that intel was just down marginally speaks volumes about how important intel is to them i agree with steve on the self would you rather if you go back to april, we talked about it. I think we said lisa sue is going to be on squawk box the next day if you can buy the stock between 50 and 50 1 2 you buy it with both hands it hasnt ratcheted higher i think its up 1213 sense 59 i think was the previous high we saw in february im pretty sure its going to take that out. Its not that im looking to sell intel here but id rather be long amd. Back to apple, last year was all about the 5g phone and another phone super cycle that could be on the way here last week there was just a report that that release of that new phone could be much later in the year are we pricing everything good with the associated with the super cycle because of the new phone in now i mean, whats going on here in terms of the trade ahead of that new phone release . Right first of all, whats going on here, please get control of this show, because when these guys are self would you rathering, just kidding i do think you have a case where youve got a company that lets just quickly remind viewers that we are 62 off the intraday low on march 23rd. I think its 54 off that closing low, about 72 off of the august 2019 lows i brought up the fact that apple is giving you these opportunities. The stock is up 100 you could make an argument on a forward basis that apple trades add a slig at a slight discount to the s p. At 16 times multiple roughly, which is where jp morgan puts their hardware business and different analysts are largely lining up, thats significantly higher for the hardware portion of this company than we were giving it a few years ago when we werent throwing in the other parts and the Service Models to goose up the valuation overall i think that 5g rally was really part of the rally going into year end in the part that had us really with our jaws dropping before covid19 hit. That is the concern. Theres no concern in terms of apple in the strategic model no one is talking about innovation at apple anymore right and lack thereof no ones talking about Capital Market dynamics. I think the valuation right now could be challenging if you think about things that may not work as perfectly as are in the price. Is anybody concerned about the consumer is anyone concerned at this point that the consumer in this environment might not spend 1000 plus on a new phone later this year . I feel like when it comes to this stock, that conversation doesnt enter the fray anymore its assumed that people are going to buy a macbook or a phone later on. Right thats based on many years of history of people buying a macbook or a phone in almost any kind of market, right. Clearly this is an extraordinary time i think they will. I think the shift to 5g will be really important what happens after that, i dont know, but i think the consumer will be there. All right coming up, mall madness. New numbers out today showing just how bad the retail wreck is going to get later, small caps hitting the skids today. lbrk wnhatre. Wel eado tt ad why bother mastering something . Because when you want to create an entirely new feeling, the difference between excellence and mastery is all the difference in the world. The lexus es. A product of mastery. Experience amazing at your lexus dealer. Can i find an Investment Firm with a truly longterm view thats been through multiple market cycles for over 85 years . With capital group, i can. Talk to your financial professional or consultant for investment risks and information. Try natures bounty sleep3, professional or consultant a unique trilayer supplement that calms you, helps you fall asleep faster and stay asleep longer great sleep comes naturally with sleep3. Only from natures bounty. Welcome back to fast money. Retailers have been hit hard due to the coronavirus were getting new numbers today on just how bad things could get even as the nation opens back up so theres so much unknown still related to the coronavirus, of course, but one thing many agree on especially in retail, its just further accelerated many trends already in place, things like store closures, bankruptcies and the shift to ecommerce among Others Research is out predicting up to 25,000 u. S. Stores will close this year. That is well higher than its previous forecast for 15,000 store closures and double last years record 9800 by its tracking up to 60 of closures will be mall based concentrated in apparel and Department Stores. While theres been a positive commentary largely from a lot of Retail Executives about consumers early response to these store reopenings, there is still a lot of reluctance from shoppers store productivity is still far below precrisis levels for these nonessential retail players. Macys ceo spoke to me last hour and said his store reopenings have been better than planned but he acknowledged ed ecommere is playing a bigger part and that may mean more store closures to come. There is a group of almost 100 stores that we were going to close over the next 2 1 2 years. You might see us accelerate that but we havent made that full decision yet as it stands right now, we are reopening all of our Stores Including our neighborhoods. You know, theyre still serving customers. Macys just closed on 4. 5 billion in Debt Financing and an asset backed loan. 70 of the stores are reopen so far. Others are in different boats. We know there have been a number of high profile retail bankruptcy filings during the outbreak including fellow Department Stores like jc penney and neiman marcus. Were going to see even more bankruptcies to come, possibly more chapter 7 than the chapter 11 reorganizations as you may know, melissa, theyre not the only ones calling for that particular prediction how do you look at retail in terms of who will survive and who wont . I think the stock market is telling you exactly whos going to survive and who wont weve talked about a lot of these names. For example liululemon is clearl a survival wells fargo just downgraded the stock. I think they raised the price target to 275 which is an interesting level. Home depot has been a monster, Dollar General the other names failing prior to all this happens that have bounced on Short Covering rallies, i think theyre destined to go back where they were i think macys is ground zero. You have a huge move in terms of percentage from that recent low. I think its back to that straight upper left to lower right in terms of a chart. I think the winners and losers in terms of the stock, theyve presented themselves i think you just have to follow that script. If many of the bankruptcies are in mall based stores, how should we think about the mall owners at this point we should be scared for them, i think. They really are a bifurcated bunch. You have simon at the absolute pinnacle theyll survive even though they are going to have to close on the poorly timed deal. Theyll survive. Some of the smaller ones, cbl missing an interest payment, theyre not going to survive where i dont know, i think probably a tanger probably survives for a few reasons they have outdoors that will probably fare better as we open up Outlet Stores will still be a draw they do have debt, but that would probably be the one where i would go. In this environment, you want a bargain, right, grasso of course you always do. You know, to piggyback what guy was saying, when you look at the ones that probably are going to continue that terrible trend, you have to throw kohls stores in as well kohls and macys both down 47 year to date whos going to survive we know walmart, costco, amazon. But target, probably the sweetest spot here because it didnt outperform early and still has some upward momentum then you look at the names that will get all that extra inventory, the ross stores and the tjx. Theres my win lose buckets for you. No self would you rather. Thank you yes look, when i hear the trends going on in retail, whether they are macys or nordstroms and the things that we said here, more digital, more online, more direct to consumer and fewer stores im not telling you im excited about the sector this is what weve been waiting for for a long time. For a lot of companies you have to be careful what the stock market is telling you. Macys was up 100 off its bottom to its intraday high. We want to hear about these stories more we want to hear about these guys closing more stores. This has been a major rallying point for l. Brands, for example. Its not all bad news. Its restructuring that was forced what was interesting about hearing the macys ceo today is basically pointing out the crucial nature of this Holiday Season i think thats something that we have to really start thinking about for a lot of these retailers because its placed a bigger onus on a Holiday Season that frankly all the things were talking about with Consumer Trends may be that much more challenging as we get to year end when some of this stimulus has worn off. Guy is raising his hand politely i shall call on you, guy i know were running out of time were all in different places. Just watch what the crack staff is about to do, for a lot of these retailers, theyre traveling down the road. You know what theyre doing . Theyre flirting with disaster watch. Is this the Molly Hatchett that you were talking about . Hatchett. Got it. Coming up, dash or trash karen takes us to trade school to make sense of recent runups in some beaten down names. Welcome back to fast money. There has been a serious dash for trash playing out in the markets over the past few days take for example chesapeake energy, that stock plunging almost 60 today on reports of an imminent bankruptcy filing. But the stock had rocketed higher over the last few days. This follows names that have recently filed for bankruptcy protection is the bankruptcy bounce a sign of a scary speculation taking over the markets here . Tim, youre nodding yes, so what do you think well, it is its certainly a sense of day traders sometimes playing with information they really dont have remember, we always point out that the credit markets are significantly smarter. The drivers for at least the rally for chesapeake was some sense that there could be some either forestalling of bankruptcy this is a capital structure that made no sense before covid19. It certainly doesnt make sense after it this isnt really a surprise unfortunately the history on this company is one that five years ago this was a 2500 stock. Through reverse share splits and all these different dynamics, investors can get some sense if theyre not doing their homework that this is a healthier company than it is if theyre looking at the stock price. Be very careful out there and trading on credit news where the credit committees and the investors on that side of the market are in the flow and much smarter on whats really driving equity prices. Tim mentioned Retail Investors, hundreds of thousands of accounts opened up at fidelity as well as Td Ameritrade stocks price at less than 1 are up 79 on average over the last five trading days excluding today. This is via a note to institutional investors. Stocks priced at less than a buck are up 79 on average over the last five trading days this is an extraordinary time here when people are home, they got nothing else to do, they might have a little extra money from stimulus and they want to entertain themselves and dont discount the fact that with no sports this is for a lot of people, has become their gambling jones ill say that because i absolutely believe it. It makes a lot of sense, those binary plays and greater fools theory stuff Dave Portenoy is crushing it hes been the master chef of everything going on. People are going to make a lot of money, but weve also seen the other side of this and its not particularly pleasant. To tims earlier point, i caution people it feels like this is really easy and maybe for a lot of people it is, but you know historically the market is extraordinarily humbling and my fear is that day of humility might be coming faster than a lot of people want to take into consideration. You dont actually make a profit until you sell. Keep that in mind. There you go. What happens if you own a stock when a Company Files for bankruptcy a lot of people are asking that question karen is taking us to trade school to break it down. Class is in session, karen yes okay so when a Company Files for bankruptcy, the shares may still trade while the company reorganizes under the protection of bankruptcy. What that means is that the company can stop paying their creditors. They can stop paying interest on their bonds. They can even stop paying rent to their landlord. The second step is the reorganization begins. And so they will go to Bankruptcy Court and they will work on a plan to reorganize the company. So the senior debt gets paid out first and then after that, any debt below it, unsecured debt and then theif theres more debt below it, that junior debt, they get paid out before anything else they can be in cash, they can be a new debt or even stock of the newly reorganized company. After all of those get paid in full, then if there is any value left over, the equity, meaning the stock that we see trading, may get something. Very likely could get nothing. So this process is at the shortest several months and much more likely to be years before this all plays out and we see who gets what. So there are clues for that Retail Investor to try to understand, okay, how much value will there be for the equity first, as tim said, youve got to always look to the credit markets. So theyre much smarter than the equity markets particularly in a bankruptcy so we have an example of the hertz bond here. This is not the most junior bond this is a mid level bond this is trading at 39 cents on the dollar thats telling you they dont expect to get paid that full 100 cents in the bankruptcy process. So thats a really big red flag. So another big red flag is to look at the Short Interest of the stock. So we see hertz again. We see the stock after things were great and then after everything started to fall apart, the Short Interest skyrocketed. So i was looking to see, one, is there Stock Available to borrow today to short, and two, how much would it cost so actually there was no Stock Available to borrow. And even if there were, it would cost 70 per year to locate a borrow, to be able to lock in a b b b borrow if you were buying some of the 300 million shares of hertz that traded today, just be aware this is the greater fool theory you have to be very confident that there are a lot of fools far more foolish than you are that youll be able to sell the stock to later in order to not lose money if you really have confidence in that, well, as dan would say, have at it hertz is up more than 500 since june 3rd if im a fool out there who owns hertz stock since then, grasso, id say, you know what guys, im making a lot of money right now, whats wrong with that because im sure a lot of people are saying at home, i dont care what you say, i am up x hundreds of percent at this point so break it down to karens point, when you look at hertz or chesapeake, they both had basically the Short Interest of 3540 so when you start to see this thing get covered, people think its a buying opportunity. Screens on their desk is a buy they start to buy it, they start to chase it. To your point, a profit is a profit is a profit whether or not the company will exist a year from now, these people that are trading it are looking at it existing a week from now or ten minutes from now. Now, the other thing is when you look at the cheap price of the stock, you know your Downside Risk its what you fade fpaid for it. When you look at amazon, no one can afford to buy a thousand shares of amazon if youre an average investor you can buy a thousand shares of hertz or whatever it is so theyre easier to manipulate last words, guy would you like to impart any words of wisdom to our trading public well, i got a great Bad News Bears story that would go great with this, really would fit in perfectly but its too long. It involve ed engelbert. Its basically a home run but it doesnt feel particularly satisfying thats this market in a nutshell look it up. We shall during the commercial break. Coming up, the latest social media app to come under fire for its handling of the black lives matter movement. Why xt dneoor is having trouble with its neighbors what do i need from a partner right now . An insightful outlook that comes from experience navigating multiple bear markets. Can i find a partner to help guide me through this uncertainty . With capital group, i can. Talk to your financial professional or consultant for investment risks and information. Welcome back to fast money. Silicon valley startup next door, the latest social Media Company to take heat over its handling of the black lives matter movement. Deirdre has the details. So next door is a hyper local social network its long been accused of enabling racial profiling and enabling police surveillance, citizen policing now in the wake of George Floyds death in police custody, people say their black lives matters posts are being taken down and that the movement is being suppressed this past week rumors about an antifa invasion. Next door is trying to catch up but its relying on its handsoff approach in response to deleted black lives matters posts, the company says they arose from confusion because this is a national topic which typically isnt permitted on the platform. Unlike twitter or facebook, nextdoor posts are supposed to remain in their neighborhoods. Theyre not supposed to go viral but at the same time that can make people uncomfortable about where they live. The startup is a Silicon Valley darling. It was last valued at about 2 billion. It has backing from some of the most prestigious Silicon Valleys vcs now it is getting increasingly more attention for all the wrong reasons. Just to make clear, unlike some of the other social media platforms, the people who conceivably can moderate the content on that site, theyre volunteers theyre not paid by the company . Theyre not paid by the company. Theyre volunteers in the neighborhoods that they monitor. They dont have any formal training sometimes theyre the people who are most active in their communities and that may not always be for the best reasons deirdre, thank you. That seems like a really treacherous idea, karen. It does, it does. Remember, the ceo is sarah fryer who is a very talented executive. This is a difficult one to address, but i think theres if theres an executive who can do it, i think she can. Tim well, i dont know the platform well, but whats described here is were taking a handsoff approach on the people who have a handson approach that sounds like Second Derivative beyond where facebook is on one side and twitter has been on the other side, although facebook has now decided theyre not on that side again, not being a political arbiter and being totally hands off has been a complicated issue. It will remain a complicated issue. Its pretty interesting to see that even as Mark Zuckerberg has waffled on this issue, facebook is hitting alltime highs. We queried whether part of the rerating at facebook, whether it was their brands platform that was coming out and some of the opportunism around covid19 or were they becoming seemingly more political by being apolitical its clear facebook is at record highs independent of the decision that Mark Zuckerberg has made. Coming up, well be joined by the ceo of flir systems. Plus, one trader is betting the rally is about to be stopped in choronhaks mu me tt ahead. Try natures bounty sleep3, a unique trilayer supplement that calms you, helps you fall asleep faster and stay asleep longer great sleep comes naturally with sleep3. Only from natures bounty. Can i find an Investment Firm with a truly longterm view thats been through multiple market cycles for over 85 years . With capital group, i can. Talk to your financial professional or consultant for investment risks and information. Welcome back to fast money. Check out this red hot back to work stock flir systems is up 32 the Company Makes thermal temperature scanners it is seeing a big spike in demand as workers start coming back into the Office Joining me is jim cannon jim, great to speak with you. Thank you for having me. We are talking about elevated skin temperature screenings, so checking your temperature as you come through the door. Already your technology is on factory floors and such. Im wondering how you see demand for a product like this after the pandemic you know, if you take a look at past pandemics li. The short answer is were not certain. We have a lot of experience with this dating back 17 years in the original sars outbreak demand in the past was principally just in asiapacific and mostly at ports and borders. This is very different as we see demand around the world. And from just about every industry as people find safer ways to return to work certainly we expect continued demand until theres some sort of vaccine and such, but thats really an unknown right now. Do you think when there is a vaccine outs the there, that de for est screening comes to an end . Im sure some demand will stop, but a lot of essential industries are learning real lessons from this. I know in our business we are. Who knows when or if there will be another pandemic. So i do think critical industries, department of defense and other must operate operations will look at ways to incorporate this as a standard safety feature Going Forward in your First Quarter results, jim, on the conference call, i believe in early may, you noted that several large customers were looking at some pretty large deployments im wondering what the status of those possibly deployments are and if your supply chain can keep up with that. There was some concern that covid itself is straining the supply chain. That has been the governor on our execution against the backlog so far some of our supply chain wasnt considered essential others just the sheer demand we saw, 100 million in bookings. Our supply chain is catching up. We have the internal capacity as it does to meet much of this demand, but its been a tremendous amount of work night and day among our teams to really respond to this Unprecedented Demand in such a short period of time. You noted also that demand for est elevated skin temperature Screening Technology has offset some of the softness youve seen on the commercial side of the business do you see this as demand for est comes down, that means that america is reopening and you expect the rebound to come back in the other areas of your business that you see softness from we have a broad exposure flir to a wide range of verticals, from Defense Applications to critical industry to commercial and almost consumer applications so some of those verticals are down 5060 for example, more than offset by the est demand. I do expect as the markets return to work, well see those verticals strengthen again and certainly as we begin to deploy this technology and find a vaccine, we do of course expect the est demand to soften and somewhat normalize. Jim, pleasure speaking with you. Thank you for your time. Thank you. Jim cannon, the ceo of flir tim, there are a lot of these back to work plays out there that have risen sharply. What do you make of this one well, i think the software dynamic of this is fascinating i would agree with jim that, first of all, yes, hes being very cautious in terms of he has no idea well past covid19 how adoption and demand changes. But its pretty clear that airports and arenas and the ease in which we can make determinations about at least some measure of a Persons Health can be made quickly, cheaply, efficiently why wouldnt this become part of dare i say the new normal or the workplace . Weve got a lot of workaholics in this country that will not stay home. While thats admirable, its certainly something that should be condemned at the same time. I think this as a case in point for where some of these trends continue well past covid19, i would be very interested to follow that. Grasso, youre back at work and they check your temperature at least once a day. Yep every day to walk in the building youve got to get your temperature scanned. Im not worried so much about covid. Im worried about the government angle, 35 of sales. What happens in november i think youre hard pressed to find another president who has push add lot ed a lot of fundine military if President Trump loses, i would assume that budget is cut. Thats going to be a big dollar value for flir. Coming up, big problems and small caps options traders are sounding the alarm. Stock slices. For as little as 5, now anyone can own companies in the s p 500, even if their shares cost more. At 5 a slice, you could own Ten Companies for 50 instead of paying thousands. All Commission Free online. Schwab stock slices an easy way to start investing or to give the gift of stock ownership. Schwab. Own your tomorrow. What do i need from a partner right now . An insightful outlook that comes from experience navigating multiple bear markets. Can i find a partner to help guide me through this uncertainty . With capital group, i can. Talk to your financial professional or consultant for investment risks and information. Talk to your financial professional or consultant you say that customers maklets talk data. S. Only Xfinity Mobile lets you switch up your wireless data whenever. I accept 5g everybodys talking about it. How do i get it . Everyone gets 5g with our new data options at no extra cost. Thats good. Next item corner offices for everyone. Just have to make more corners in this building. Chad . Your wireless your rules. Only with Xfinity Mobile. Now thats simple easy awesome. Switch and save up to 400 a year on your wireless bill. Plus get 200 off a new Samsung Galaxy s20 ultra. Welcome back to fast money. Check out shares of chewy tanking in the after hours, the online pet retailer just added a record 1. 6 million active customers. Mike, what happened . Actually the Options Market was implying some pretty big moves. The stock is trading a little bit lower here after hours thats partially giving back some of the gains it made today. A lot of the options employblowt we saw today, more than 125,000 contracts. Again were bullish i think one of the reasons we see this kind of activity. When you see stocks that have these big rallies, youre trying to playoff technical strength and maybe a good fundamental story, still its stuff to chase by buying the equity youre risking less by buying options and i think thats probably what a lot of these traders were doing. Big gains this month but one trader is making a big bet that the rally has come too far too fast what are you seeing, mike . In imn, which is like iwm except its just the value stocks in that index basically is the russell 2000 value stock index. Mostly that was a result of a single trade where someone was selling the june 10 calls and buying the 100 puts. I think whats going on here is another situation where youve had a very sharp rally this index is up about 50 off of the march lows and if you have some of the stocks that are in this, this is a good way to try to lock in some of the gains. I think thats whats going on here, somebody whos hedging toward a potential decline by more than 6 from a week from friday thats when these are going to expire. There was an interesting stat that i read the most multiple expansion happened in the russell forward pe it was up 13 in may to about 19 times up from 17 times, tim. The small caps have ou outperformed the s p by 14 . Weve gotten some sense that the drawdown in the economy and the impact was possibly front loaded were back at a level here small cap stocked underperformed for a couple of years going into covid19 i think weve had a pretty strong snapback. It wouldnt be where i would allocate my next dollar. Karen theyve really underperformed by quite a bit i think theyre going to have a higher beta. All that having been said, i think i would be long small caps, short big caps for more options action, tune into the full show friday 5 po easte eastn meerti as business moves forward, were all changing the way things get done. Like how we redefine collaboration. How we come up with new ways to serve our customers. And deliver our products. But no matter how things change, one thing never will you can rely on the people and the network of at t. To help keep your business connected. Welcome back to fast money. Love is in the air for match as Morgan Stanley initiated the stock at overweight and sees a 15 rally ahead. The firm says singles crave Human Interaction in a post covid19 world so the time to swipe right on match . Tim, i dont know why, but ill go to you. Well, i dont know whether to swipe left or right or up or down or whatever they do, but if you think about whats going on here in some of these trends, match has been a stock and an investment thats traded well above market p. E. s based upon the growth its a company thats basically got a product for every demographic and age group. I think as we look at the multiple here, i actually think you stay with this stock whether covid19 has brought out new trends, well have to ask guy about that im just kidding guy is happily married and has a wonderful family at home that was not fair. I do think if you listen to and there was some fireside chat from the cfo that has highlighted that the trends theyre seeing are ones that are very very strong right now. Record high number of singles out there right now. Its amazing, guy. The demographics are on its side. Listen, so maybe ill take the other side, though first of all, 91 has been a troubling level for this stock twice, back in august of last year and back in january number two, maybe just maybe when we get back to some semblance of normalcy, instead of swiping, people actually go out to places and meet people. Go places. The Old Fashioned way like the boomers used to do it. Write letters with quill pens and such time for the final trade lets go around the horn steve . Ross stars. I think its gaining some momentum here. Theyre going to buy inventory pennies on the dollar. Ross stores final trade. Karen yes please do not buy hertz stock unless you really understand whats going on. Tim defensive trends potentially in the market, verizon high dividend yield not the reason to buy but a better Balance Sheet even than at t like this name. Guy be back here tomorrow at 5 00 mad my mission is simple, to make you money im here to level the Playing Field for all investors. I promise to help you find it. Mad money starts now im jim cramer welcome to mad money. I am just trying to make you some money my job is not just to entertain you. Call me or tweet me. We are in