Know, ive been long microsoft, long apple, and long amazon. Well, given where we are, giving that we are seeing a bit of a surge in cases for covid19 in texas and in florida, given that we have a Federal Reserve meeting i have too much risk exposure out there so i identify these three companies, scott i say to myself, given the significant price appreciation, which Management Team do i trust most, to be most judicious which is cash, and history will show that amazon is liberal in terms of spending, therefore i decided to step out of amazon. I still own apple. I still own microsoft. It raises so many questions, joe. Thats why i wanted to start with you today this is one of those stocks that is up just huge off the market bottom there are many others on the list assist i said, is it time now for our viewers, joe, to reassess everything theyve been writing since that day on march 23rd when stocks hit bottom . I get the problem i have with it is theres a degree of ignorance regarding asset inflation and speaking about portfolios mark las ner is doing a phenomenal job talking about it ill take that trade every day over equity in boeing. Im still invested ivesaid i not going to go from the dash to trash. I dont believe in the airlines. I dont believe any significant recovery and a lot of the travel and leisure names. I want to stay committed to quality. The inflation you can fin in the economy or anywhere else is reflected in asset prices steve wise is withes along with jon in a najarian. Carey, ill start with you gunlach was talking about the super six of the return gap that these stocks have seen since the low, one that he said could not sustain it slurp by the way i want to throw up an intraday of amazon as we have this conversation, carey i cant see the charlotte, but i think he know the chart. I would say what joe is doing makes sense in the near term i have no problem with trimming some amazon. We trimmed some home depot and trulio, but the question is, do these stocks, the type that jeff gunlach has talked about, who i believe wasnt buying in march, are they overpriced right here how do we fee el about that . I had a vinnie put together a chart for me you can see theres been a dramatic outperformance of growth versus value. Growth for the first five months has relative outperformance of 19 , so 1900 basis points. In june, its lost 1250 basis points so still massive performance though has accelerated and shown during an extreme panic and serious economic down turn in all ways that people still use platforms, they use the digital connection theyve been able to provide, whether its paypal in Payment Service or connections through facebook or amazon, because youve bought things on it, thats why those stocks have had the kind of performance they had. Have they gotten a little ahead of themselves . Thats possible. Do they need to correct a lot. I would assume were due to have some sort of correction. A call is not an easy one to make, right . Its unpopular, a hard thing to do, to get out of one of thinks high flying stocks is it time to takes some profits in some of these other names if so, which ones . Oy love the way joe is looking at it. Im looking at taking exposure down a different way, and its not in tech, frankly tech has been performing not only from the stock standpoint, thats not what im focused on, but performing from a fundamental standpoint i think well see the division continue to grow the fang stocks hold on a second. Look, Everybody Knows why they stocks have run up the way they have in the pandemic, right . But that doesnt mean the moves themselves are fully justified in terms of the magnitude. Fundamentally you can build a case as to why they performed the way they did, but can you make a fundamental case as to why amazon is up 40 since the low, or a facebook is up 60 or that apple is up nearly 60 or alphabet is up 40 . No, but let me tell you why im staying there. I cant tell you ill about he there in another few days, but i think i will be. The stocks are ahead of themselves when stock get ahead of themselves, if i can envision a time when they catch up to the prices, and i still want equity exposure, because i think its going higher, those are the ones im going to own that catchup period has to be six months to a year if not, ill get out but if theyre overvalued and i have to make taxes on extraordinary gains, im behind the equal, so im willing to see them trade done again, if the future is as bright as it is sorry, steve, i want to go to jon. When i ask whether it was worthy of these number, i think i heard you say yes, that these stocks should be where they are. Yeah. Definitely scott, we talk about the pandemic, and how its affected everything its affected the pandemic of stocks was when everybody was throwing out the baby with the bathwater, which we all identified in march. Since its a capweighted index, the s p 500, which is what the rest of the world trades we talk about the dow, but we know people dont trade the dow. They trade the s p if your money coming out of europe, scott, which we have addressed time and time again, so guess what youre buying . Are you buying halliburton no, because its way down the scale. Are you buying apple of course. Are you buying amazon . All of these stocks. So that pandemic panic created opportunity. In terms of will those stocks continue to earn and to adjust your faith in them im not saying joe is wrong for taking money off the table, but to steves point, if its taxable, i am disagreeing rather severely he could instead just buy a put, which is insurance, and its not that expensive its come way down when insurance is cheap, scott, thats put option at the 2600 strike in july, 75, thats basically almost in line with how much the stock is up today so, in other words, if you want to miss out on the up side, and if you want to pay somewhat extraordinary taxes, especially if thats shortterm capital gains, scott. Youre talking about why not buy that put instead or sell the at the money call, same thing, at the july at the 2600 strike, youre collecting over 100 for that call. For my money, it makes a lot more sense than for me to incur, which to me since i bought amazon would be an extraordinary tax burden exiting the stock in a taxable account. Joe, the last word before we move still long apple, still long microsoft. Im still comfortable with what i did today. I think its a proper time giving where the valuations are to really asset your risks and your leverage exposure to me thats the right economic behavior for a portfolio. Lets bring in tom lee right now. You know, weve had him on a few times. He called the big move in the market you all know that. Tom, i gave you a lot of credit for that, for the gutsy call that you made now the work gets harder lets not even focus on the epicenter folks. The nasdaq pushed past 10,000 against today. There are many stocks including amazon which had hit new alltime highs theres no froth in this you dont think thats a sign at all of froth i think a pullback is always healthy, but i think something we all have to consider is the u. S. Economy is going through a contraction worse than the great depression, something well never see again in hopefully five lifetimes. All these companies have proven you cant kill them. They produced new numbers. We put them through the biggest stress test in five lifetimes if they have survived, i think they deserve higher multipallets. I think thats what were seeing. Even the facebooks, apples, microsofts of the world . Yes, because these are essential unkillable if you throw a contraction thats never happened in modern American Economic history, this is a contractions well never see i mean globally, and they managed to grow earnings or prosper . Those are incredibly strong businesses the stock market might need to be revalued, because these companies which for the last ten years everyone kept says 16 p. E. Is the right for the market. What about these other stocks . As you coined it, to reopened airlines, casinos, cruise lines, banks . Are you cool with where all of these are . Uh, yes i mean, i know theyve had some i think theres still an anchoring bias thats negative, because, number one, as you know, the majority of wealth in america is controlled by older americans, and so covid is obviously still quite dangerous for older adults, but its made them think that these businesses are flawed or theyll never come back, or because weve fallen so much they cant recover. I think theres a linear anchoring, but if you cant kill a cyclical in the greater of greatest depression, and in 2008 during the financial crisis all these companies showed they were good at cutting costs and reengineering processes, were seeing that innovation hatching at lightspeed right now, i think theyll surprise in earnings next year. Thats where the power will go to, because a lot of the people who are riding out the storm are already into the proxy names now the epicenter is the real opportunity. I think its where youll find value in the up side. Carrie is tom lee right again . Well, i think part of what tom is saying is what we believed is that the market was very cheap, and you want to stick with the names that were strong growers that we just discussed. That has worked out incredibly we had we aded to names like we made some moves, and weather participants strongly in this rally whether the cyclicals or names like airlines, cruises, energy and industrials that are starting to participate will be the strength of the market for the rest of the your, im not sure that i believe that i would think that they have moved pretty aggressively right now, and i dont think that they can sustain it unless they can produce the earnings i would say, though, and i think tom would agree, that if you look at the contribution of technology and Communication Services to the s p 500 earnings, for this quarter, for the second quarter, probably the worst quarter were ever going to see abinvestors, it would be 42 of the s p earnings, and their weight is 38 . So to say that they are overrepresented in terms of the valuation of those groups, thats not true right now, and i would think that that wont be true they will outearn their market share for the rest of this year as well, so i understand what tom is saying, but were pretty strong believer in the Growth Companies that can produce earnings will continue to drive the market over the next year. Tom, though, youre not overestimating a return to whatever level of precovid normalcy you think will come back i know you think the consumer is resilient, especially when it comes to travel the the sectors youre saying are still overweight are the ones that have flown so high so fast i think weve been constantly surprised by the resilience of the exhumers we were posting to our clients some data around travel bookings i think Hotel Bookings are back to 80 thats how fast its come back but the earnings slingshot will be pretty stupendous epicenter groups are 20 of the market cap of the s p right now. Theyll be close to 75 of the earnings delta next year theyre doing a lot of heavy lifting. Thats really assuming theyre not reengineering their businesses so, scott, its a fine line. I think everyone thinking there will only be a modest recovery in travel, because everyone sees how dangerous it is, and it is dangerous to be engaged in large groups right now, but thats not what it will be like six, 12 months from now. The stock market wants to think about just beyond the next six, seven weeks when it comes to future value the great unknown, steve weiss, tom is hanging on the fact that theres not going to be any wherewithal to shut down the economy again, right thats almost a given. At the same time, when you have cases that are spiking in places like texas and arizona and elsewhere, and that is going to be the unknown as to how the consumer, him or herself, reacts for that were not going to have the governors and certainly not in washington the administration, shut down the economy again. Its just not going to happen. Do we know how consumer will truly react in cases do start to rise more broadly as they are in, like 21 states now, steve, are seeing an increase in cases, yet some are acting as if the virus is gone, that its all over. Hes expecting it to continue, that just wont happen the states showing the largest resurgence of cases are the ones that open earliest so theres been a laziness Deutsche Bank put out a study that a lot of people are getting very lazy and not practices cdc guidelines such as masks and so forth, but away from that, say you do say that cases top surging in those case and other states as they reopen. The facts are that youve got companies such as the airlines, which i sold, because it was a trade. Youve got them significantly impaired in their Balance Sheets clear theyre not the companies that were. This is the heart of the argument, right . Tom lee, right, youre saying its okay to overweight the stocks and still buy them. Even though steve says it was for a trade, he still sold the airlines, thinking that their earns and estimates will be cut, right . Thats why you saw theres so much ceiling left, because you have to stay focused for a longer period of time. To steves point about credit, if you look at highyield markets, or even the best performing credits have been the epicenter groups if their credits are that strong, and weve seen how easily theyve been able to fund even cruise lines, i know mark lasner was on a few months talking about carnival thats been a monster home run decree buy when theyre rallying that strong, its hard to say the stocks should be falling, because whether you believe credit leads equity or not, i think they tend to theyre saying we should expect a pretty robust economic recovery but, tom, when youre funding the crews lines, only 12 debt, 6 debt, zero essential interest rate, how does that not impact your earnings so youre taking a look at a narrow windows of one or two months, saying this is a referendum on the future im telling you that that is not true were going to see significant unemployment Going Forward and the countrys going to be in recession for a long time. So dont take a look at what the highyield market has done and say thats great, thats judge and jury right now thats not going to be the case, and history shows that well, i have a lot of experience with high yield ive been doing Research Since the early 90s high yield was a huge market for wireless. I know, you worked for me during that time. He forgot about that period on purpose [ laughter ] i dont blame him so wireless companies, you know, people were borrowing money at mobster rates, but then it went back to par and they refinanced. Thinks why the level theyre paying now isnt as important as the fact the credits are outperforming. That gives a lot of confidence to investors this rapid lly reduces their ri of insolvency. Carrie, i want to talk about some moves youve made i find theyre interesting and they do fill into this conversation youve had many winners. Ten of your 32 fogs are up more than 10 for the year so twiyou trimmed twilio, and home depot, but you are taking some profits in some of the higher flyers in your book. Sure, i think thats the role a portfolio manager. These are longterm holdings, our job is to maximize what we call the real estate of our portfolio twilio had an enormous move, and i think its prudent to move that down from a pretty big weight for us to something that we still own quite a lot of it, but its just more reasonable theres risk whenever there are high prices, as joe attests to, people take profits. People start to see theres other places to put their money so i think its why is to take money off the table, and then you look for other places to put money. We own re max and booking holdings, to toms point, these names will do well when people start to move. So you have to have some of the other side of the equation. Its interesting. Theres no great appetite to sell stocks, right that seems to be obvious by virtues of how the markets are trading. Throw up amazon on the intraday. Joe, as we started our show 26 1 2 minutes ago, we said you sold amazon. We did see on an intraday basis that stock give up some of its gains. Thats how long it took to get them back. You see that v thats indicative, though, about where stocks are, where the mentality is, is right now theres no great appetite to sell stocks. I mean, that is just incredibly foolish if anyone is selling amazon based on me saying that im ringing the register youre moving the market. I dont know if we have time for a quick question i dont have that time, joe i apologize. Tom, thank you for being here. I appreciate it very much. Thank you thats tom lee all right. Where are we at now . Coming up next, well, weiss talked about selling the airlines, t lbuwel tease it anyway, were back in two minutes. Right now is a time for action. Thats why usaa is giving Payment Relief options to eligible members so they can pay for things like groceries before they worry about their insurance or credit card bills. Discover all the ways were helping members today. Makes it beautiful. State of the Art Technology makes it brilliant. The lexus nx experience the crossover in its most visionary form. Experience amazing at your lexus dealer. All right. Lets go to phil bless lebeau, a a news alert on boeing. We have confirmed through multiple sources that boeing is targeting a recertification flight by the end of the month so that means boeing has less than three weeks for this to happen, if in fact it does make it before the end of the month we have reached out to boeing for a comment. The company is not saying anything officially about what we have learned from sources we have also reached out to the faa. It says the faa is in regular contact with boeing as the Company Continues its work on the 737 max. The manufacturer must demonstrate compliance the aircraft will be cleared for return to Passenger Service only after the faa is phied with all the safety issues. Thats a pretty standard statement. So officially its not commentings on the recertification flight just so you know how it works. Boeing has drawn up recertification flight plans, and the pilot is an faa test pilot. Its not a boeing test pilot a boeing test pilot is in the copilot seat. They essential draw up plans where were going to test this plane to make sure the upgraded software for the flight controls can handle a number of different scenarios. Again, what we are total is boeing is targeting dont a recertification flight or flights be the end of the month. Nobody knows this industry better than you. When you look at the stock gains in boeing, up 50 in the past month, or american up 60 in the past month, delta up 34, united up 55 or southwest up 31, what do you think keep in mind that boeing has a backlog. Its backlog is 4,744 planes. This is a company thats not going away it has secured enough financing so it can ride out the storm. I understand the investors looking at shares of boeing and saying eventually the business will come back and lets move it higher whether its move as much as it has the past three weeks, thats a different question more people are flying, and today we got upgraded guidance from american saying the daily cash burn will be lower. 40 million versus 50. That said, scott, people are taking these pieces of good news and theyre immediately extrapolating or pushing these stocks higher saying theyre going back to where they were precoronavirus. Thats not happening theres not a Single Person in the Airline Industry who says they expect these companies to be back to the same level of passengers, at least until 2022, late 2022, if not 23 or 24 theres nobody at all who believes that. When you see the stocks moving the way they have, you have to sit there and say, are investors truly thinking this through for they cant be thinking short run. Theres no justification for that but you have to have a much longer view and vision if you epicenter or reopening stocks are the ones you want to put the money in. Thank you, phil you bet. The number one jamie baker makes a couple interesting calls today steve, jpmorgan downgraded jetblue and united united gets to neutral jetblue goes to sell from neutr neutral. You told us earlier you sold out of the united, so i suppose you agree with this call i do. I sold out of the delta as well. I do agree, theyre weigh ahead of themselves, and Equity Investors are essential dissolved. Everything is collateralized against the debt i think it does take a long time to come back so phil is saying what i said, youre basic lil taking a chart of the fundamentals, but from the bottom left to the upper right. However, it will stop my think, just plateaued to go down. Theyre way ahead of themselves. There were trades, stay away at this point they can go alternates higher, but eventually reality will set in markets can remain irrational just because theyre irrational doesnt mean they need to go down a lot of our viewers dont greenspan irrational exuberance, the stock market went up for like four years after that right i agree weve been talking about fangs for 15 years in terms of outperformance that will continue. Lets get to sue herera with the headlines. Hello. Hello, everyone the Minneapolis Police department is pulling out of the Police Union Contract negotiations the chief says the contract needs to be restructured to provide more transparency for true Police Reform dr. Anthony fauci said the World Health Organization was not correct when an asymptomatic transference was rare. Now theyre saying theyre trying to be clear about the developing research on covid19. Steve mnuchin says he definitely believes another stimulus bill is needed. He said the next round of aid should be more targeted. Pga tour golf starts back up tomorrow with the Charles Schwab challenge in ft. Worth, texas. Fans will have to watch on tv. They wont be allowed at tournaments under mid july you can go to cnbc. Com for more on the sports return at least you can watch it on tv. Scotty, back to you. Looking forward to it. Ahead on halftime report, jon najarian has unusual activity k d go to cnbc. Com halftime to asquestions. You can tweet us as well were back after this. So you can quickly check the markets . Yeah, actually im taking one last look at my dashboard before we board. Excellent. And you have thinkorswim mobile so i can finish analyzing the risk on this position. You two are all set. Have a great flight. Thanks. Well see ya. Ah, theyre getting so smart. Choose the app that fits your investing style. Yeah, everything is runningis smoothly with the now platform. bling see, incident resolved. How did you. Gotta enjoy the small wins. You keep being you, derek. Keep being you. Welcome back today our seema mody is looking at corporate boardrooms. What did you find . Scott, companies with a higher proportion of ethnically diversion just 81 of Board Directors are nonminorities 10 black, 5 hispanic, 4 are asian. Diversity reports issued by Big Tech CompaniesShow Companies like amazon, apple, google and facebook are hiring people of color, but as you climb the corporate ladder, the number of if roles decrease. 3 at the leadership level yales Jeff Sonnenfeld telling me that has Companies Looking inward to help minorities advance their careers and get to those senior positions mastercard telling us its defining inclusion as a leadership skill, inert measuring how leaders successfully build diverse teams. Goldman sachs says it unless it has at least one woman or nonwhiteboard member. Starting in 2021, the state of illinois requiring companies to begin disclose the number of women and minority board members, all seen as steps in the right direction, scott, because clearly more needs to be done on the policy size, but also in corporate america. Absolutely. Thats what were hearing from everybody whos been on the network the past few weeks, thank you for that. Up next, a Major Development for the race for vaccine new at noon, our meg tirrell has j js chief office you wont want to miss it. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. Find a stock basedtech. On your interests or whats trending. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. Meg tirrell has new developments in the race for a coronavirus vaccine. Meg . Take it away. Scott, thanks so much joining us is chief scientific officer dr. Stoffels the plans have accelerated by at least a month, now planning to start the second half of july. Previously you said september. How have you been able to accelerate these timelines so much thank you for having me yes, we went quickly through the selection of the final candidates faster than we expected, based on very strong animal data, nonhuman primate data showeds very good results we could of we could accelerate to the Clinical Trials, as well as we worked with the authorities. To accelerate the time for phase one. That is now planned for the second half of july. Youre also saying that based on the phase one results and conversations with the National Institute of already and infectious diseases, you could also accelerate the plans to start phase three. Wall street journal reported you may begin that as soon as september. Does that timeline look right to you . And how are you forecasting how much infection we may see at that time in the United States and whether efficacy can be of course it depends on the phase ones outcome and it is discussion when to start phase three, but we are going to study a single dose, as well as a boosted dose and evaluate that, and thats then to mid september, late september start of efficacy. At least we start planning now for efficacy studies as mid september. Answering on the question on where the epidemic at that moment and the incidence, we dont know, but its expected that there might be a second wave in the second part of the year in the u. S. , and together with the nih, we are looking into how can we make flexible arrangements to go north, south, east or west in the u. S. And see where the highest incidence at that moment is to start the Clinical Trial initial to that, we also look at international, whether its south america, jumpeurope or evi africa, if needed where can we recruit the number of people to be vaccinated toffee enough people in the study to get to efficacy signals fast. I also want to ask you about safety moving at these unprecedented speeds, it was wring in the New York Times in an oped, that if only 20,000 people get the vaccine in trials, serious but rare side effects might be missed how do you ensure safety moving at these speeds, with this size of trial yeah, first we have vaccinated with the same vectors more than 65,000 people. That gives us already comfort, that its very well tolerated in other vaccine such as rsv, hiv. We will go and study at least 60,000 people, but probably depends on the incidence, if its lower, we go up to 10,000 more so somewhere between 30 and 100,000 people will be evaluated, but we will not take undue risk here. We want to have a safe and effective vaccine. We will do whatever is needed. Well also text the vaccine in elderly people as well as in younger, so well have all parts of society participate in phase one and into the efficacy studies to make sure we learn as much as we can before we bring the vaccine to people. What is your expectation of the criteria that regulators are looking for to make their first approvals, whether theyre approvals or emergency use authorization. Will they be looking for how well the vaccine actually protects against people getting infected or as some have suggested, will they be making those decisions potentially based on the antibody response. All the discussions we have today is about real cling kaling can we prevent infection, and there would be a lot of marks to be measured. We want to do that in large data shove sharing efforts to everyone can learn, but to do a clinical efficacy study, can we prevent infection . Can we plea vent san diego maybe that could change in the future, but at the moment we dont count on that. We want clean efficacy and clean you also mentioned irpursuing whats your expectation of an immunity of yr potential vaccine might last well, we dont know that from this, but we know from ebola that now we have data of three or four years. That was a prime boost and now were doing studies of a single injection, so we might have a good chance to have a single dose infection to start with, but to get longterm protection, we probably need a boost three or four years later. Well demonstrate that in Clinical Trials and all of that will be part of the Clinical Trial program. Dr. Stoffels, thank you yor joining for joining us it is early days, you remind us, and we look forward to you starting the Clinical Trials scott, back over to you. Meg, it sounds like encouraging news im looking at my screen of j js shares which is now high on the day, more than 2 you see that move there. Meg, thank you for that. I have a feeling maybe ill see you later on in my special thats a big move in the shares of j j thats meg tirrell you certainly know this about your years at fidelity i think its a good vaccine effort, and its a collaboration with a lab at the Deaconess Center in boston where ive been on the board for many years. Its an interesting approach because it uses fragments of the dna and its capsulated in the virus. I think it will be fascinating to see what happens. Dna is what were using in the j j vaccine, to see the type of neutralizing antibody response, which is what you need to elicit i think its a fantastic program, and, you know, j j is a great company. We dont own it right now, but of the Health Care Stocks out there, i think its one of the more interesting of the large caps this also goes to, again, highs in a day, twothirds off which says j j is ahead of schedule in terms of its studies. You go full circle and why its difficult to get overly negative on the market even when weve had the run weve had. Whether its dr. Fauci, whether its dr. Gottlieb and whether it is those people on the front lines of trying to develop a vaccine, they believe were going to have a vaccine. Now, whether we have it by the very end of the year or the very first part of 2021, they do believe were going to have a vaccine. Its hard to get overly negative if the time period has been pulled forward that much exactly, scott. And if youre playing wheel of fortune and youre waiting until every single vowel has been uncovered, youre not going to make a great trade. Because if you wait for, basically, until all of it is known, then there is no upside youve always got to take a little risk with investing, and thats what people have been willing to do. So i applaud them for that, and i certainly am heartened by what j j is doing in accelerating that test into july from that september time frame lets do a few questions if we can, guys weve had breaking news, really s what it is with meg in this interview and we want to spend the necessary time to do that and talk to you on the back side of it. I have a question from fred in minnesota. Give me your thoughts on best buy, joe this is a reopening stock i would buy. Next week theyre going to open 800 stores, 25 capacity, return 9,000 workers to those stores. A quality reopening that you can own. Next up, steve weiss gordon wants to know about amd up 60 yesterday a lot of things have been making big moves like that. What do you do now amd is what i like, its not what i own i own more geared towards 5g ive been watching great new products coming out. Its not cheap, but none of them are. Okay, john, justin, orange county, california im 24 years old, ba in finance. Recently i watched ten of my friends start investing on robin hood boy, that goes full circle to the beginning of our show, using stimulus and unemployment checks theyre buying retail. What advice should i give them just make sure its money they can afford to lose, scott, because that money was out there to help them get through the tough times, and i dont know if chasing some of the beatendown stocks is the best way to do that but if theyre successful at it, obviously theyre going to let us know, and i just say be careful, if thats money you cant afford to lose jim cramer needs to get that question i hope hes listening. Im going to send it to him. Ive heard the barbell strategy mentioned a few times on the show what is that barbell means you own two types of stock one is the momentum type, facebook, amazon, apple that has been working, and the other group of stocks that have not yet begun to work. It could be airlines, industrial or financials. Well take a quick break, come back and do final trades. This is decision tech. Find a stock based on your interests or whats trending. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. Makes it beautiful. State of the Art Technology makes it brilliant. The lexus nx experience the crossover in its most visionary form. Experience amazing at your lexus dealer. I hope youll join me tonight for our cnbc special crisis in america. The shares in the s p has gone down in the last month, but they think they could be going up unusual activity exactly, scott. Theyre buying the 50 calls in june, theyre buying the july 25 calls in june. There are rumors circulating they may be exploring something, but no comment i like the stock also, take a look at ewz, scott. This is the brazil etf theyre buying the june 30 puts with the stock basically at 832. Im in those puts. Also quick update on yesterdays cloudera we talked about that when the stock was 10. 30, i think. It exploded to 12. 40 on the news they were speaking to private equity firms and may be in discussion to be purchased. Ive got 30 seconds in total. Not per person, total. Carrie, what do you have, final trade . Cnn groups largest derivative invader shorten the industrial, etm tara novajoe . We began talking about taking amazon, now im in microsoft dr. Quick, you got a name lamar i bought it during the show, scott. Thank you kelly picks it up. Thank you, skolcott hi, everybody, heres whats happening. The feds latest next move the fed is less than an hour away now what can we expect in the jobs report and with markets acting a little frothy . And larry kudlow joins us starbucks sells off today as it announces a dramatic shift to its Business Model and tesla is up to 1,000